The federal government promised to create the enabling environment for private sector players to thrive to attain the potential of the sector as the engine driving the nation’s economic growth.
Minister of budget and economic planning, Abubakar Bagudu gave the assurance in Abuja at a press briefing on the forthcoming 30th Nigerian Economic Summit set for October 14-16, 2024.
Represented by the permanent secretary of the ministry, Dr. Emeka Obi, the minister harped on the critical role of private enterprise in achieving Nigeria’s long-term economic goals.
“The private sector will be the engine of growth of the economy, while the government will implement policies and regulations that promote a favourable business environment to achieve a high rate of investment and savings,” Obi stated.
“The federal government’s vision, as outlined by the minister, hinges on unlocking the potential of the private sector to drive the country towards becoming a $1 trillion economy.
“Investment is necessary to create jobs and achieve the projected $1 trillion economies, while structural barriers that constrain the vulnerable segment of the society from realising their potentials are addressed,” the Minister added.
Also, chairman of the Nigerian Economic Summit Group (NESG) Niyi Yusuf said the organisation remains committed to providing the platform for stakeholders across sectors to engage in constructive dialogue. We believe that collaborative action will lead to the transformative outcomes Nigeria needs to achieve economic stability, inclusive growth, and sustained competitiveness on the global stage.
Yusuf said the group has arranged for engagements and discussions that are focused on developing strategies to address Nigeria’s high inflation, fiscal constraints, exchange rate volatility, and weak external reserves. “The Summit will also focus on solutions for unemployment, infrastructure deficits, security challenges, and human capital development,” he stated.
The minister said the government will focus on tackling structural impediments, such as poverty, that limit the ability of the vulnerable population to contribute fully to economic growth.
The government’s commitment to job creation through increased investment will complement efforts to enhance national productivity and inclusivity.
The 30th edition of the Nigerian Economic Summit (NES), themed “Collaborative Action for Growth, Competitiveness, and Stability,” promises to build upon the discussions from previous summits.