Why we should leverage on renewable energy to boost Nigeria’s economy – By Prof Yemi Osinbajo, Vice President
The Nigerian Economic Summit Group (NESG) was founded by Chief Ernest Shonekan in 1993 when he convened the first Nigerian Economic Summit (NES) at the Nicon-Noga Hilton Hotel, Abuja. The need for the NES summit arose in light of issues relating to limited progress in industrialisation, infrastructural decay, neglect of human resource development, and macro-economic structural decline. Since then, the NES Summit has been the nation’s foremost economic think-tank promoting sustainable, inclusive growth and development. It formed the basis of reform proposals and influenced economic agendas like ‘Vision 2010 and Vision 20:2020′.
In keeping with the tradition, national and global leaders in government, business, politics, civil society, and academia gathered at Transcorp Hilton, Abuja, for the 28th National Economic Summit, a two-day event themed, ”2023 & Beyond: Priorities for Shared Prosperity”. Public and private sector leaders were under the same roof to deliberate on reforms for national development. Here are highlights of sessions that emphasised NESG’s vision for policy reforms.
Keynote address: Pascal G. Dozie, Pioneer Chairman, Nigerian Economic Summit Group and Chairman, Kunoch Limited
Pascal G. Dozie, Pioneer Chairman, Nigerian Economic Summit Group and Chairman, Kunoch Limited, gave a keynote address highlighting the NESG’s past and current efforts to collectively examine issues and identify necessary policy change across various sectors. He stressed the importance of partnership between the government and the private sector in realising the Nigeria we want, highlighting that despite the many challenges faced, Nigeria has made significant strides in telecommunications, ICT, and other industries. However, he noted that the Nigerian economy still faced similar challenges to the days before the summit was formed. He said, “There is a need for investment in agriculture, reform of human resources, and implementing civil service reforms among other things”.
Vice-president of the Federal Republic of Nigeria, Professor Yemi Osibanjo, representing the President of the Federal Republic of Nigeria, President Muhammadu Buhari, gave the presidential address, highlighting areas of priority for the year.
On improving Nigeria’s macroeconomic conditions, he pointed out that although there was a decline in growth figures in the agricultural industry, the economy continues to experience growth, with GDP at 3.45% in the second quarter of the year. He urged participants to begin to look toward using the nation’s abundant natural resources and renewable energy to reduce the number of carbon emissions, as Nigerian and other African countries are already bearing the brunt of climate change.
He said, “The future of a green economy is one that we must take seriously. There is no reason we shouldn’t take advantage of renewable energy. As we take necessary action to reduce carbon emissions, we can also grow our economy by improving our social safety programmes, focusing on wealth creation and inclusivity”.
Interactive panel on “Responsible, Responsive, and Resilient Leadership
The panel deliberated on what it meant for leadership to be responsible, responsive, and resilient. The panelists posited that both leaders in government and private sectors must begin to reflect on whether the nation was prospering or collapsing under their leadership, and if it instils optimism for the future. They called for policies that held elected leaders accountable to the people they lead and reforms that promote checks and balances.
On Economic policies and public-private partnerships
The participants at the NES summit called on the government to play their part for a better nation. Chief Investment Officer of Honeywell Group Limited (HGL), Otu Hughes, further highlighted the role of the private sector in ‘delivering macroeconomic stability for shared prosperity’ whilst speaking with newsmen at the sidelines of the summit. According to Otu Hughes, “Businesses are hard hit by foreign exchange volatility. The government needs to cushion this volatility through insightful policies. Foreign exchange stability will help businesses in planning and decision-making.
Speaking further, he said, “We have invested in the major sectors of the Nigerian economy, such as energy, technology, manufacturing, foods, real estate, infrastructure, and financial services. Our goal is to deliver value and improve lives.”
In her remarks, Senior Adviser, Government Relations, Honeywell Group, Oluwayemisi Busari said, “The private and public sectors are like conjoined twins with a symbiotic relationship. Corporate organisations need the government as much as the government requires support from the private sector. We need to have more relevant policies for businesses, and corporate organisations need to invest in strengthening their relationships with the government by providing the right support.”
The Nigerian Economic Summit is an annual event organised by the Nigerian Economic Summit Group (NESG) which operates as a non-profit, non-partisan private sector organisation with a mandate to reform the Nigerian economy into an open, private sector-led globally competitive economy.
