21st Nigerian Economic Summit: FG reaffirms commitment to diversify economy

Vice president Yomi Osinbanjo has reassured Nigerians that, the current administration remains committed to the diversification of the nation’s economic development.

He also said government is determined to hold people accountable and ensure that business activities in both public and private sectors are carried out effectively and transparently in line with global best practice.

Osinbanjo reassured Nigerians that adequate safeguards were embedded in the bailout funds extended to some states of the federation to augment their basic needs by the federal government.

The vice President who disclosed this yesterday in Abuja during the opening ceremony of the 21st Nigerian Economic Summit explained that experience world-wide has shown that issues of unemployment, insecurity, corruption and inclusive growth cannot be tackled effectively without addressing the competiveness of the economy.

He further explained that the current challenges facing the country which range from high rate of unemployment which led to about 7o% of the nation’s population living below poverty line among others calls for the diversifications of the economy in order to urgently address the issues.

Prof Osinbanjo who decried the level of insecurity in the country equally reaffirms the commitment of the Buhari led administration to tackle the security challenge of the country especially in the north east.

The Nigerian Economic Summit has become the largest and most prestigious annual economic forum for policy makers and captains of industry from the public and private sectors of the Nigerian economy, as we as representatives of academia, civil society organizations and development partners.

Also speaking, the chief executive officer of the Nigerian Economic Summit Group Mr. Laoye Jaiyeola explained that the 21st summit is a departure from the sector specific consideration that the group focused on in the last three years.

He explained that the summit in addition to looking at unemployment and poverty is equally addressing the current economic realities facing Nigeria as a nation which is occasioned by declining crude oil price in the international market, the foreign exchange crisis as well as significant capital outflows from the system.

He said that the objective of the summit was to facilitate stakeholder’s discussions/agreements about how best to achieve competiveness and inclusive growth in a sustainable way, through measurable outcome as well as to push for permanent structural changes that would allow inclusive growth.

The Nigerian Economic Group presents the 21st Nigerian Economic summit; theme: ‘Tough Choices: Achieving competitiveness, inclusive growth and sustainability’

This Competitiveness; National budget framework to aid competitiveness, inclusive growth and sustainability; Sustainable Solutions for Peace and threat to human security; Creating and sustaining Nigeria’s Competitive Advantage; Business and Sustainability in the age of SDGs; Reforming Public Institutions to ensure Competitiveness and Accountability.

The summit which critically address key issues through plenary topics like: Tackling Corruption, insecurity and Economic diversification.

These and many other discussions geared towards attaining economic stability and growth reforms were discuss to prepare frameworks towards building a truly prosperous nation.