FG Pledges Support For Nigerian Economic Submit Group

FG Pledges Support For Nigerian Economic Submit Group
File photo: Mr Boss Mustapha

 

The Federal Government has promised to support the Nigerian Economic Summit Group (NESG), to achieve its goals of food and social security.

Secretary to the Government of the Federation, Mr Boss Mustapha, revealed this on Saturday in a statement after receiving members of the group at his office in Abuja.

The NESG delegation visited the SFG to brief him on their activities and plans for further development of food and social security in the country.

Chairman of the group, Mr Kyari Bukar, stressed the need for the government to provide more jobs for the people, stressing that about 42 per cent of a population of about 200 million are either employed or under-employed.

He noted that five to seven million jobs must be created annually to absorb the growth in population if Nigeria is to benefit from her huge population.

Mr Bukar further urged the SGF to support the approval of the economic and social security bills that are before the National Assembly.

Nigeria Restates Commitment To Reducing Dependence On Oil

Udoma-UdomaThe Federal Government of Nigeria has reaffirmed its commitment to diversifying the nation’s economy to reduce its dependence on oil.

The Minister of Budget and National Planning, Senator Udo Udoma, made the declaration on Wednesday at the end of the National Economic Summit Group (NESG).

He said the proposed shift from oil resources would help create jobs, reduce poverty and contribute to the nation’s socio economic development.

At the moment, the nation’s economy is in recession.

Mr Udoma explained that the government would achieve this through a synergy with members of the organised private sector.

He added that the government was eager towards diverting from its over dependence on petroleum resources to other sectors of the economy.

As the NESG meeting comes to an end, experts have been deliberating on how to improve the Nigerian economy through the patronage of locally produced goods.

Nigerian-Economic-Summit-Group

One of the participants, Lanre Akinbo, is hopeful that key recommendations identified at the gathering will serve as a starting point for the successful implementation of the Made in Nigeria campaign.

The 22nd edition of the NESG meeting opened on Monday in Abuja, with participants looking to come up with strategies that would spur economic growth through heightened patronage of made in Nigeria goods and services.

The theme for this year’s summit is ‘Made In Nigeria’ and the organisers of the summit say they are looking to re-emphasise the message that the productive capacity of the Nigerian economy has to be developed as much as possible.

Need For Diversification

In his opening address, President Muhammadu Buhari said Nigeria had no other choice at the moment than to diversify its economy to break its reliance on oil.

Buhari, NESG, Economy
President Buhari stresses need for diversification

He was happy with the theme of the summit, saying it “lies at the heart of so many of the efforts we are making to lead us through these troubled times and to lay a firm foundation for the future”.

The President stressed the need to diversify the economy, stating that it was to ensure Nigeria never have to rely on a commodity to survive as a country.

He added that there was apparently no other way to steer Nigeria out of its present economic predicament without building a strong economic foundation on Made-in-Nigeria goods and services.

On the sidelines of the summit, the Vice Chairman of the NESG, Sola David-Borha, told Channels Television that stakeholders would discuss issues affecting Nigeria’s economy and proffer solutions that will reflate the economy and subsequently bring growth.

Mrs David-Borha, who is also the CEO of Stanbic IBTC Holdings, said the group believes that patronising made in Nigeria goods and services will spur the growth of the economy that is already in recession.

Nigerian Economic Summit Opens In Abuja

Sola-David-BorhaThe 22nd edition of the Nigerian Economic Summit Group (NESG) meeting has opened in Abuja, with participants looking to come up with strategies that will spur economic growth through heightened patronage of made in Nigeria goods and services.

The theme for this year’s summit is ‘Made In Nigeria’ and the organisers of the summit say they are looking to re-emphasise the message that the productive capacity of the Nigerian economy has to be developed as much as possible.

On the sidelines of the summit on Monday, the Vice Chairman of the NESG, Sola David-Borha, told Channels Television that stakeholders would discuss issues affecting Nigeria’s economy and proffer solutions that will reflate the economy and subsequently bring growth.

Mrs David-Borha, who is also the CEO of Stanbic IBTC Holdings, said the group believes that patronising made in Nigeria goods and services will spur the growth of the economy that is already in recession.

“Ultimately, it is about creating the right enabling environment so that Nigerians can make their goods and services for export.

“Companies abroad can come to Nigeria and use Nigerian labour and resources to produce goods as well.

“We believe that a focus on made in Nigeria goods will also help to drive efforts and lead to an export-led growth”.

Over the years, the NESG is seen as a foremost platform for public and private sector dialogue that encourages open debate that will enable the Nigerian economy grow. Such discussions have also led to private sector led-growth and responsible private-sector investment.Nigerian-Economic-Summit-Group

Policies that the group has promoted in the past years are on privatisation, opening up of the economy and freeing up of foreign exchange market.

Despite these efforts by the group, the Nigerian economy in the second quarter of this year officially slipped into recession, with a Gross Domestic Product contract of 2.06%.

The summit is coming at a period that the Naira is weak, but Mrs David-Borha believes that the Nigerian economy has progressed over the past 20 years, saying that the rebasing of the economy showed how much the economy had expanded.

“It is a diversified economy. Oil and gas is only 10 per cent.

“Nigerian goods and services are being consumed. We are talking about increasing the added value and about the fact that our ability to do so can be much better which will also help to grow our economy faster,” she said.

The Vice Chairman of the Summit stressed the need to get all cylinders (sectors of the economy) firing.

“You have to continue to repeat and say the right thing. The markets are liquid.

“Ensuring that our markets are liquid, open and transparent, that there is good governance and that the government put in place the infrastructure and put in place enabling environment,” Mrs David-Borha stressed.

She further described the 22nd edition of the summit as another opportunity to ensure that the group reiterates the same massage it has been making in the past 22 years.

After the opening ceremonies on Monday the summit will discuss macroeconomic policies, with focus on fiscal and monetary policy, which the groups stressed was crucial in driving economic growth.

On Tuesday the Summit will have parallel sessions on the ICT, Small and Medium Enterprises, Micro Credit, services and finance.

Education Needs To Be Fixed In Nigeria – Foluso Philips

foluso philipsThe Chairman of the 20th Nigerian Economic Summit Group (NESG) Foluso Phillips says education needs to be fixed in Nigeria to enable the country meet up with international standard.

Mr Phillips spoke on Monday on the sideline of the Summit focusing on revamping, rebuilding and re-enforcing the education sector for the nation’s future.

He stated that the Nigerian economy had not really grown and that’s why there is so much cry about unemployment.

“Over the last 20 -30 years Nigeria’s level of industrialisation has gone down, which makes the reduction in creative skills,” he pointed out.

On Channels Television’s breakfast programme, Sunrise Daily, Mr Phillips insisted that there should be a change in planning which would trigger  a high demand of labour and skill to reduce the rate of unemployment in the country.

He emphasised that the government should look into the educational system in the country, insisting that the curriculum and the training of teachers should be looked at

 

 

 

Agriculture Can Make You Have Your Own Private Jet – Jonathan Tells Young Farmers

President Goodluck Jonathan of Nigeria while addressing the 19th Nigerian Economic Summit, on Tuesday, encouraged youths of the nation to participate in the agricultural sector which can help them become private jet owners.

The President commended the youth who are now shifting away from the mindset that agriculture is a “simple poverty-alleviation programme” and encouraged them “to begin to think that agriculture can make you have your own private jet.”

The economic summit, which provides an opportunity to discuss issues with a view to providing practical solutions, is organised by the Nigerian Economic Summit Group, National Planning Commission and the Ministry of Agriculture and Rural Development.

The summit is also the “foremost platform for dialogue between the public and private sectors,” for which the President thanked the organisers, for ensuring consistency for the annual event.

In his address, the President stated that the summit is coming at a critical time in the nation’s political history, following the launch of his administration’s mid-term report on the transformation agenda, on May 29th.

He stressed the government’s determination to “lay a solid foundation for the transformation of the country’s agricultural sector for enhanced growth and development”.

“The country is more determined than ever to unlock the great potentials of agriculture in order to ensure food security, create jobs and generate wealth,” he said, adding that it is “part of our continued effort to demonstrate our drive and commitment to work with the private sector to make agriculture once again, the main stay of our economy”.

This year’s summit focuses on the agricultural sector, which the President said he is not totally in agreement with because “you cannot discuss agriculture without discussing land. You cannot discuss agriculture without talking about farm managers, agronomists, agric engineers and agric economists, and that is education.”

He highlighted other sectors of the economy such as transportation, trade, finance and petroleum.

He also expressed satisfaction in the participation of middle class citizens adding that the involvement of the middle class signals the “beginning of a proper revolution”.

The 19th Nigerian Economic Summit currently on-going, is the third in the Goodluck Jonathan administration.

The event which is broadcast by Channels Television in Abuja has members of the National Assembly, Federal Executive Council, Members of the Economic Summit Group, Captains of industries and other guests in attendance.

Phillips Consulting celebrates 20th anniversary

Nigeria’s foremost human resource and management consulting firm, Phillips Consulting has clocked the age of 20 years and it threw its doors open to celebrate the mileage.

With headquarters in Lagos and Johannesburg, the Executive Chairman of the group, Mr. Foluso Phillips, who is also the Chairman of the Nigerian Economic Summit Group, was joined by members of staff to celebrate the achievements of the company.

The consulting firm hosted a huge celebration party and church service to commemorate the anniversary which was held in Lagos.

it also had in attendance the crème de la crème of the society joining  in the celebration of the firm.