The Nigerian Economic Summit Group (NESG) urged the FG to mobilise financing in high-growth sectors that are critical towards achieving sustainable development in Nigeria.
This was disclosed by Dr Olusegun Omisakin, Director of Research, NESG, in a statement in Abuja, ahead of its 29th economic summit (NES 29), scheduled for Oct. 23 -24.
Financing
The NESG Director noted that Nigeria should leverage a compelling portfolio of competitive investment-grade projects and social investment programmes to access and deploy financial resources in support of sustainable development initiatives, adding:
- “Efforts should focus on domestic revenue mobilisation by expanding the tax net and improving collection efficiency.
- “Promoting innovative financing mechanisms, strengthening public and private financial institutions, and enhancing public-private partnerships are essential for mobilising the necessary funds.
- ” Hence, it is crucial to shift Nigeria from a predominantly government-led funding approach to a private sector-led investment-driven economy, while also improving transparency, efficiency, and accountability in public revenue and expenditure.”
He added that the NES 29, which is themed: ” Pathways for sustainable economic transformation and inclusion,” is in view of the urgency of translating economic growth into improved and sustainable living standards for all citizens, citing that it would focus on Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development.
In case you missed it
TheTimes reported earlier that NESG revealed that its 29th summit, NES 29, will revolve around the topic of ‘Pathways for Sustainable Economic Transformation and Inclusion.’
The group made it clear that this is necessary, especially considering the urgency to turn the nation’s economic growth into enduring and improved living standards for all citizens.
- “Nigeria is currently grappling with rising unemployment, income disparity, and multidimensional poverty. These challenges are worsened by an uneven allocation of resources, macroeconomic instability, and institutional deficiencies.
- “The National Bureau of Statistics (NBS) report in 2022, which revealed that approximately 62.9 per cent of the Nigerian population lives in multidimensional poverty, is a threat to the development of a vibrant middle class,” the statement reads.
