The 23rd National Economic Summit, ERGP and Nigeria’s Path out Of Poverty

The 23rd National Economic Summit, ERGP and Nigeria’s Path out Of Poverty

 By: Aisha Aro-Lambo

The just concluded 23^rd annual Nigerian Economic Summit initiated conversations on Nigeria’s economic framework for opportunities, productivity and employment. The summit focused on actualizing the federal Government’s Economic Recovery and Growth Plan (ERGP) as the key to ensuring productivity and opportunities among citizens.

The Economic Recovery and Growth Plan focuses on restoring growth of the economy post-recession by achieving macroeconomic stability and economic diversification, investing more on the people through social inclusion and job creation and youth empowerment, and lastly building a globally competitive economy by investing in infrastructure, improving the business environment and promoting digital-led growth.

Although the government has put in place policies to drive productivity and ease of doing business in Nigeria like new initiatives on power sector, Agricultural diversification of the economy, and revitalization of the railway sector a lot still needs to be done in terms of sustainability and more focus on improving infrastructure and the speed of government bureaucracy to attract and retain foreign investors and partners.

The summit explored discussions on around five thematic pillars that links theEconomic Recovery and Growth Plan which is Nigeria’s strategy out of the path of poverty.Outcomes of these discussions led to the following action plan:

1. Think Nigeria: prioritize SMEs, the Creative Sector by increasing private sector funding and mentorship for MSMEs to be able to scale, improve productivity and create jobs.
2. Skills Competency and Capacity: Develop an Integrated National Technical Education and Vocational Training (TEVT) programme across sectors and states, Introduction of Entrepreneurship into secondary school curriculums and introduction of Entrepreneur-in-residence.
3. Access to Capital: Government should stop participating directly as provider of capital but rather provide credit guarantees and provide capital through the financial institutions especially for MSMEs
4. Legislation: Harmonization of the 14 critical bills that have already been passed and transmission thereof to the President for Presidential Assent and Support passage of National Innovation Fund bill
5. Economic Inclusion: There should be an Implementation of the Memorandum of Understanding signed between the Nigerian Governors’ Forum (NGF) and the Nigerian Economic Summit Group (NESG) to create a collaborative framework that will promote sub-national economic competitiveness and ease of doing business, Reduce the complexity and cost of securing Certificates of Occupancy, Strengthen farmers’ cooperatives and aggregation and Increase funding to universities, research-based organizations on seeds development.

According to NESG research, actualizing the possibilities in these outcomes will reduce the rate of unemployment from 14.2% to 11.3% in2020 and,the rate of inflation in the country to 9.90% from the current 18.55%.

With the NESG driving the economic agenda in the last 23years, each year with its different themes in resourcing the country’s economic growth, what should be done differently in implementing these decisions made in the 23^rd Nigerian Economic Summit?

For the successful implementation of the Economic Recovery and Growth Plan, there is a need for shared accountability to ensure proper execution management. The government needs to provide speedy recognition of decision making of policy and accelerated implementation drive. The Private Sector should also get involved by developing an evidence-based policy and legislative advocacy, supported by industry specific business action plans and commitments. Lastly, there should be strategic mobilization of business community and civil society to hold government and business accountable.

@LeadPreneur