Nigerian Economy Must Transform To Achieve Prosperity: NESG Chairman


Mr. Asue Ighodalo, outgoing chairman of the Nigerian Economic Summit Group, has said that for Nigeria to achieve the goal of prosperity, the economy must be transformed into the opposite of what it is today.

He said this at the 28th Nigerian Economic Summit, currently being held in Abuja with the theme: 2023 and beyond: Priorities for shared prosperity”

The event, which is an annual event, brings together stakeholders from the public and private sectors to deliberate on development issues in Nigeria.

How to achieve prosperity: speaking on the theme of the summit, he noted that to share prosperity, one must be prosperous.

  • He said, “From where we are today, how do we become a prosperous, secure and law-abiding nation forged as one? As we become prosperous, how do we equitably distribute and share our prosperity among our people?
  • In order to achieve the goal of prosperity, we must succeed in transforming the Nigerian economy into the complete opposite of what it is today, from difficulties to true prosperity, within a specific time frame.
  • revealed that “The Nigeria 2050 Agenda, currently being drafted, proposes a time frame of about 25 years. It means that there can be no further regression, we can no longer accept only a marginal improvement, or even what some may consider a decent improvement; we must upgrade to the speed of a maglev train.
  • “We must recalibrate our vision and specifically state that we are working towards a specific growth target by a specific date, comparing ourselves to the most prosperous countries in the world. I propose that our specified goal should be “making Nigeria the most prosperous black country in the world, with a GDP per capita on par with OECD countries, by 2050.” he added.

Also speaking at the event, Ms. Zainab Shamsuna Ahmed, Minister of Finance, Budget and National Planning, said that the 2050 Agenda seeks to increase Nigeria’s GDP per capita to US$33,000 by 2050 and place Nigeria in the middle income bracket. high mids. countries.

The news continues after this announcement.

government agenda:The Plan will be implemented by successive governments through six 5-year Medium-Term National Development Plans and Annual Budgets.

According to her, the 2050 Agenda has a moral imperative to significantly reduce the rate of poverty and unemployment, since it is the only way to guarantee broad-based sustainable growth.

The news continues after this announcement.

Speaking on the theme of this year’s summit, he said that the theme was chosen to provide guidance to stakeholders to review the progress made so far in terms of achieving the policies, programs and projects in the National Development Plan. (PND), 2021-2025.

  • As we implement the 2021-2025 National Development Plan, government financing will largely depend on domestic resource mobilization from non-oil revenue sources through the results of the implementation of the Strategic Revenue Growth Initiative ( SRGI) and the Annual Finance Laws.

“This will further enhance and diversify government revenues and enhance fiscal prudence and value for money.”

He noted that the current administration is focused on unlocking the economic potential of the non-oil and high-employment sectors to achieve sustainable and inclusive growth and development.

  • Although challenged by a revenue shortfall, the government stuck to its pact by prioritizing capital releases in favor of ongoing critical infrastructure projects in the energy, highways, railways, agriculture, health and education sectors.
  • “This is to strengthen the Nigerian economy after the Covid-19 pandemic. Resources are being mobilized with less emphasis on oil revenues. she added.

About the summit: The Nigeria Economic Summit is an annual event that brings together national and world leaders in government, business, politics, development, civil society and academia.

The event is being organized by the Nigerian Economic Summit Group (NESG) in collaboration with the Federal Government of Nigeria.

The event, which kicked off today, will run until Tuesday, November 15, at the Transcorp Hilton Abuja.


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