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Govt reiterates support for NESG’s effort to grow economy


Minister of Budget and National Planning, Udo Udoma

Minister of Budget and National Planning, Udo Udoma

MINISTER of Budget and National Planning, Senator Udoma Udo Udoma has reiterated the Federal Government’s determination to maintain the partnership with the Nigerian Economic Summit Group (NESG) and other private sector stakeholders to develop the nation’s economy.

Udoma made this known in Abuja at the formal presentation of the final summary report of the Nigerian Economic Summit Group (NESG) Session 21 held last October. Chairman of NESG, Bukar Abba Kyari, led the group on a courtesy visit to present the report titled ‘the Green Book’ to the minister.

Udoma commended the group for volunteering their time and effort to work at their expense for the country, saying that they deserved commendation for organizing the annual economic summit for the past 21 years.

He also appreciated them for not giving up even when some of the summit recommendations were not heeded immediately; pointing out that the impact of the annual summit on government has been impressive.

According to him, some of the policy recommendations from the summit are now being considered by government, especially the issue of diversification of the nation’s economy away from oil. The minister also stated that the country cannot grow its economy unless the private sector was adequately stimulated, which is why some of their recommendations were already part of government’s policies.

Earlier, Chairman of the board of Directors of the group, Abba Kyari, said that the theme “Tough choices: Achieving competitiveness, inclusive growth and sustainability” was consistent with the NESG’s commitment to continually focus on contemporary issues of public policy, which constrain improvement and the welfare and well-being of our people.

According to the Chairman, the main objective of NESG 21 was to examine and facilitate stakeholders’ consensus on the tough choices that needed to be made in order to address the economic situation that the country had found on the heels of commodity price shocks, chart a practical roadmap to achieving competitiveness and inclusive growth in a sustainable way, through measurable outcomes.

He further stated that the summit engaged in high-level and in-depth discussions and debate which included current state analysis of the economy; country scenario presentation; national budget framework to aid competitiveness, inclusive growth and sustainability; sustainable solutions for peace and threats to human security among others.

On the recommendations from the summit, Bukar listed institutions, infrastructure, legislation, tackling corruption, security, energy, education and skills, health, job creation and MSMEs as the key recommendations that hold the thrust for tough choices.

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