NESG Urge FG to Prioritise Institutional Reforms for Sustainable Development

The Chairman of the Nigerian Economic Summit Group (NESG), Mr Niyi Yusuf, has urged the Federal Government to prioritise institutional reforms especially reduction on the cost of governance.

Yusuf made the call on Monday in Abuja, at the 30th Nigerian Economic Summit (NES30), with the themed ”Collaborative Action for Growth, Competitiveness and Stability”.

According to him, government must prioritise institutional reforms especially reduction of cost of governance, by implementing the Oronsaye report.

”Government must also accelerate the privatisation of many under performing national assets to attract private capital and expertise, and to optimise the usage of our commonwealth for the benefit of all Nigerians.

”Government must implement its electoral promises by aligning policy, programming, performance and productivity to ensure that we seize the opportunities of today and take full advantage of the prospects of tomorrow.

”Encouragingly, our external economic position has also improved.

“The removal of fuel subsidies and the liberalisation of the exchange rate contributed to a trade surplus of N12.1 trillion in the first half of 2024 double that of 2023,” he said.

Yusuf said that foreign investment inflows had also tripled, boosting the nation’s foreign reserves, adding that these gains were tempered by macroeconomic instability.

He said that the Naira had depreciated by more than 72 per cent against the dollar, and inflation remained elevated at 32.2 per cent, thereby placing immense pressure on the citizens and the economy.

He said that the fiscal situation remained a significant concern, as public debt had reached N121.67 trillion by the first quarter of 2024, pushing the country’s debt-to-GDP ratio to 52.9 per cent.

“The debt service-to-revenue ratio is still high at 68 per cent underscoring the urgent need for fiscal reforms to put the nation back on a sustainable path,” he said.

He stressed the need for the country to seize the opportunities to rebuild the foundations for inclusive growth.

”The fiscal space created by the reforms of 2023 offers a unique chance to invest in our natural minerals, build Infrastructure, human and social capital.

”We must harness our resources; energy, agriculture, or minerals, and build infrastructure to enable productivity.

”Above all, we must invest in our people, ensuring that every Nigerian has access to education, healthcare, nutrition and economic opportunities,” the NESG chairman said.

He further said that present challenges demanded new approache centered on collaboration to promote growth, competitiveness and stability.

”Together, we have the power to build an economy that not only withstands shocks, but also creates lasting prosperity for all Nigerians.

”The road ahead may be complex, but our potential is far more significant; with shared vision and determination, we will persevere, innovate and overcome,” he said.

He said that the outcomes of the 2023 summit focused on igniting growth, ensuring sustainable investments, and reviving national dignity.

”We have seen positive developments such as the establishment of the Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET).

”The recent approval by the Federal Executive Council of the economic stabilisation bills from the presidential committee on fiscal policy and tax reforms is a testament to the government’s commitment to enhancing fiscal sustainability and economic governance.

“The NESG has set up a Live Policy Tracker to monitor the implementation of past summit recommendations, and to ensure alignment between summit recommendations and national outcomes,” he said. #NESG Urge FG to Prioritise Institutional Reforms for Sustainable Development

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