The Nigerian Economic Summit Group (NESG) has called on the Federal Government to consider a second wave of structural reforms of the economy to consolidate on the gains recorded so far in its current reforms and strongly position the economy on strong pedestal for global competitiveness in the years ahead.
The Chairman of the NESG, Mr. Niyi Yusuf, gave this charge in his welcome address at a World Press Conference held in Lagos preparatory to the 31st Nigerian Economic Summit (NES#31) with the theme “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030” scheduled to hold in October this year in Abuja.
While underscoring the urgency of the theme, the economic expert described it as “a reflection of where we are as a nation, and a call to action on what must be done if Nigeria is to truly prosper.”
He recalled that over the past three decades, the Nigerian Economic Summit had evolved through five defining phases of Nigeria’s economy—from the pre-reform crises of the 1980s and 1990s, to the reform push of the 2000s, the traction of Vision 20:2020, and the volatility of recent years marked by recession and a pandemic.
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According to him, at every turning point, whether in pensions, agriculture, or energy reforms, the Summit has remained Nigeria’s foremost dialogue platform for shaping national priorities and building consensus between government and the private sector.
Reflecting on Nigeria’s current trajectory, Yusuf emphasized the need for a second wave of structural reforms, building on the tough policy choices already undertaken in recent years.
He clarified: “The removal of fuel subsidies and the harmonisation of foreign exchange were courageous steps that brought short-term pain but created long-term opportunities. But stability is not the destination—it is only the starting point. The Reform Imperative is not a choice, it is a necessity.”
In his speech at the media briefing, Minister for Budget and Economic Planning, Senator Abubakar Atiku Bagudu, highlighted the alignment between NES#31 and the government’s reform agenda. He explained that recent policies have begun to improve Nigeria’s fiscal position, debt sustainability, and investor confidence, describing these gains as “signals that Nigeria has chosen the right path.”
The minister, who was represented by the ministry’s Director of Macroeconomic Analysis, Mr. Kenneth Okonkwo, maintained that reforms must be sustained as a process, not an event, and stressed the importance of targeted programmes in agriculture, education, health, and social protection to ensure that vulnerable citizens are not excluded in the current drive for inclusive growth in the country.
The minister described the recently unveiled Renewed Hope Ward Development Programme, recently unveiled by President Bola Ahmed Tinubu as a significant paradigm shift in Nigeria’s strategy for economic development and poverty alleviation.
He noted that the ambitious and people-centered initiative was designed to uplift more than 10 million economically active citizens, ensuring that ordinary Nigerians, particularly those at the grassroots—directly feel the positive impact of the administration’s ongoing economic reforms.
Bagudu stressed: “By targeting all 8,809 wards across the 774 local government areas of the federation, the programme guarantees inclusivity, leaving no community behind in the quest for shared prosperity and sustainable growth.”
He further explained that NES#31 will focus on five core sub-themes—driving industrialisation-led growth, building infrastructure for competitiveness, advancing inclusion for shared growth, strengthening institutions for sustainable impact, and unlocking investment amid global trade shifts. These, he said, mirror government’s medium- to long-term objectives of sustainable development, poverty reduction, and inclusive prosperity.
Speaking on the wider impact of the Summits, CEO of the NESG, Dr. Tayo Aduloju, said that the Nigerian Economic Summits had consistently proven the power of evidence-based dialogue to redirect the course of the nation.
He noted that from shaping reforms that transformed the pension and agriculture sectors, to providing blueprints during economic recessions, the Summits had been instrumental in fostering policy innovation, strengthening public-private partnerships, and deepening collaborative nation-building.
According to him, the 2025 NESG Summit represents a defining moment to consolidate reforms, address the constraints to investment, production and productivity, and set Nigeria firmly on the path to achieving the aspirations of Nigeria Agenda 2050.
The NESG CEO said: “As we enter the Agenda 2050 era, NES#31 must help us sustain this momentum and translate resilience into renewal.”
Aduloju appealed to all stakeholders in government, private sector, development partners, and civil society to actively participate in this year’s summit and contribute to the current efforts towards building a resilient, productive, inclusive, and globally competitive economy for Nigeria.
