Experts set to evolve strategy for Nigeria’s post-oil economy

As 21st economic summit holds October Nigeria is set to have the largest and most prestigious economic forum where policy makers, captains of industry, development partners, private sector, the academia and the civil society will share thoughts on the country’s competitiveness, inclusive growth and sustainability.

The summit, which is the 21st in the series, is targeted at facilitating stakeholders’ consensus on the tough choices that must be made if Nigeria is to achieve competitiveness and inclusive growth through measurable outcomes in a post-oil economy.

Africa’s largest economy is stymied by decline in oil price and depleting revenue, foreign exchange crisis, weak institutions and infrastructure, un-competitive real sector, high youth unemployment and insecurity, among others, which, if continues, could spell doom for generations to come.

Bassey O. Akpanyung, secretary, National Planning Commission (NPC), who co-hosts the summit with the Nigerian Economic Summit Group (NESG), says the summit will also evolve a common strategy and policy framework for addressing peculiar problems that hinder the country’s competitiveness.

The summit, holding between October 13 and 15 at Transcorp Hilton, Abuja, is themed, ‘Tough Choices: Achieving Competitiveness, Inclusive Growth and Sustainability,’ according to Akpanyung.

“The summit has, over the years, contributed to strengthening the relationship between the public and private sectors, and the transformation of Nigeria’s economy,” he says.

“The summit key outcomes and recommendations were formally discussed by the Federal Executive Council. The government also took action towards ensuring that the Federal Ministry of Education and other relevant ministries, departments and agencies (MDAs) implement those aspects of the summit recommendations, as it relates to them,” he says.

The World Economic Forum Competitiveness Report (2014-2015) put Africa’s largest economy 127 out of 144 countries, owing to structural and competiveness gridlocks such as lower oil exports and prices, corruption, weak infrastructure and unemployment rate, among others. Nigeria’s non-oil sector, which is expected to play a key role in a post-oil economy, fares no better as weak business environment clobbers the sector.

We expect that the summit will come up with measurable outcomes on how best to achieve competitiveness an inclusive growth in a sustainable way.
Findings show constant stakeholder engagements in Nigeria provided roadmap to spike in the telecoms industry, bettered packaging and quality of Nigerian products and improved gains of multilateral trade.

Laoye Jaiyeola, CEO, NESG, says all private and public sector stakeholders have been duly informed and will participate, saying this year’s summit is critical, given several challenges in the country that need private-public engagement.

Sola David-Borha, vice-chairman, NESG, says the summit will bring all the stakeholders together to debate, discuss and come up with solutions.

According to David-Borha, there will be substantial growth if the country is clear about what it should be tracking and measuring while ensuring that a large percentage of the populace are involved.

Business Day