Nigeria’s minister of finance and coordinating minister of the economy Wale Edun, chairman of the Nigerian Economic Summit Group (NESG) Olayinka Yusuf and other stakeholders from the public and private sectors have agreed on the need to engage in comprehensive reforms to address the nation’s economic challenges.
They made their remarks on the Nigerian economy at a national economic dialogue that was organised by the NESG themed “Nigeria’s Economic Future: 25 Years of Democracy and Beyond.” This dialogue is as a prelude to the 30th Economic Summit, scheduled to be held in October.
The finance minister underscored the pivotal role of ongoing macroeconomic reforms in shaping Nigeria’s economic future.
Reflecting on 25 years of democracy, the Honourable Minister highlighted the need for continuous progress in governance and the expansion of economic opportunities. He pointed to recent initiatives, such as the introduction of the first US dollar domestic bond, designed to attract Nigerian savings from abroad and fuel domestic economic growth.
Edun acknowledged existing challenges but reaffirmed the government’s dedication to curbing food inflation and improving food security. He also stressed the value of consistent strategic planning and the importance of learning from successful international models.
In his welcome remarks, NESG’s Yusuf highlighted the challenges impeding Nigeria’s economic growth, such as poor governance, poverty, unemployment, and insecurity. He emphasised that overcoming these obstacles requires a concerted effort from all stakeholders expressing gratitude to NESG for their crucial role in facilitating these vital economic discussions and reiterated President Tinubu’s unwavering commitment to advancing comprehensive economic reforms.
Among the distinguished attendees are the Chief of staff to the President, Femi Gbajabiamila, the Minister of Budget and Economic Planning Atiku Bagudu and Chairman of the All Progressives Congress, Abdullahi Ganduje.
On his part, chief of staff to President Tinubu, Mr. Femi Gbajabiamila stressed on the need for collaboration between the government, private sector and well-meaning Nigerians in the quest to solve multifarious challenges confronting the country, saying that the government cannot solve these challenges alone.
“Of course, it is the responsibility of the Federal, States and local Government Areas to find and implement necessary answers to the problems that confront us today. The government alone cannot define the future of any nation. All hands must be on deck. We just need to keep on pushing and pushing to solve these challenges.
“For us to have an economic future, it has to be predicated on democracy. The two are siamese twins.
“Nigeria belongs to us all. We have the responsibility to build it and leave a legacy which we will be proud of. It can only be achieved through joint efforts,” Gbajabiamila said.