President Muhammadu Buhari will be addressing the members during the opening ceremony of the retreat.
The Vice President, Professor Yemi Osinbajor, who is chairman of the forum, is expected to preside over the event that will commence by 9:00am local time at the Old Banquet Hall, Presidential Villa.
Thirty-six state governors will be attending.
The Central Bank Governor and the Budget and Planning Minister are among those expected at the forum.
A spokesman for the Vice President, Laolu Akande, said that the objective of the National Economic Council Retreat was to provide a forum for in-depth discussions by NEC members of the policy actions that the States and the Federal Government could consider in order to stimulate local production, cut costs and enhance public revenues among other measures to stimulate the economy.
Contrary to suggestions, the Retreat is not an emergency national economic conference.
The idea was mooted at the last regular NEC meeting in January, where members requested an intensive session to review economic trends and evolve strategies to cope.