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IN the vibrant city of Abuja, from October 23 and 24, 2023, a remarkable confluence of innovative ideas and vibrant discourse unfolded during the 29th Nigeria Economic Summit (NES). The theme of this year’s summit, ‘Pathways to Sustainable Economic Transformation and Inclusion,’ resonated profoundly as the nation’s finest minds converged to shape the destiny of Africa’s most populous country. Graced with the official opening by the President of the Federal Republic of Nigeria, Asiwaju Bola Ahmed Tinubu, this gathering held the promise of a brighter future.
In his inaugural address, President Tinubu outlined a compelling vision for the Nigerian economy—a bold and ambitious pursuit of a $4 Trillion Dollar economy by 2035, coupled with an astonishing growth rate of 13.5%. To some, these aspirations might appear as mere words, but Nigeria possesses the intellectual prowess and the latent capacity to turn these ambitions into tangible realities. With unwavering focus, dedication, and sacrifice, the path to prosperity can indeed be traversed.
The NES served as a platform for government officials to resoundingly echo the President’s vision. Notable figures such as Mr. Olawale Edun, the Coordinating Minister of The Economy, and Muhammed Ali Pate, the Coordinating Minister of Health and Social Welfare, reinforced the commitment to this audacious economic transformation. The stage was shared by visionary State Governors, including Governor AbdulRahman AbdulRazaq, the Chairman of the Nigeria Governor’s Forum, alongside the Governors of Jigawa, Adamawa, and Edo states. Their presence underscored the summit’s significance as a well-attended and resourceful two-day event.
For those who may harbour doubts regarding the intellectual calibre of Nigeria’s leadership, the NESG’s 29th edition dispelled such notions. The summit brought to the forefront the abundant talent and expertise available to guide the nation’s affairs. However, the critical question looms: Does intellectual prowess automatically translate into progress and development? Regrettably, the answer is no.
Over the past three decades, the NESG has consistently fostered dialogue and laid the groundwork for transformation. Credit must be accorded to the dedicated individuals who have, year after year, invested their efforts into organising these annual events. The NESG’s invaluable contribution extends beyond advocacy to the creation of the Green Book, a comprehensive compilation of insights presented to the Federal Government and the Minister for Budget and Economic Planning for implementation.
The NES is often perceived as an elite monologue, but this interpretation belies the significant achievements since its inception in 1993. Critical legislations such as the Pension Reform Act 2014, National Agriculture Seeds Council Act, and Fertilizer Quality Control Act, among others, can be directly traced back to the concerted efforts of this team of dedicated professionals.
Nonetheless, a glaring challenge lies in the communication of Nigeria’s vision to its citizens, particularly the 200 million individuals who do not partake in the NES. These ordinary Nigerians remain largely unaware of the policies and plans forged by the nation’s elite, plans that should tangibly enhance their quality of life.
Conversations during the summit revolved around national inclusion, cohesion, heritage, and addressing the needs of the country’s burgeoning youth demographic. The Minister of Information and National Orientation, the Minister of Youth, and the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani contributed insightful ideas. If all stakeholders align their thoughts, intentions, and actions, a path to progress should be readily apparent.
The momentous opportunity lies in translating these discussions into palpable actions that resonate with citizens. We must rekindle a sense of national pride, reacquainting ourselves with our shared heritage and values.
The pinnacle of the summit, for many, was the seventh and final plenary session, “Our Nation, Our Heritage.” Here, discussions cantered on themes such as Nigeria’s role as the “Giant of Africa,” strengthening the democratic process, combating brain drain, and shaping a positive narrative for the nation. It was a presentation by Mr. Dike Chukwumerijie that particularly captivated the audience’s imagination, as he recited a poignant poem reflecting the trials, triumphs, and resilience of Nigerian heroes and heroines. The presentation called upon us to reconnect with our roots and embrace the ideals that once distinguished us as a great and proud nation.
Mr. Dike’s evocative performance led us on a journey through our collective history, reminding us of the symbolism embodied in Nigeria’s coat of arms—the red eagle symbolising strength and the sacrifices of our forebears, the shield representing our fertile soil, and the white horses signifying dignity. Nigeria’s national flower, the Yellow Trumpet, represented the beauty, uniqueness, and prosperity of our nation.
As we transition from the resounding success of the 29th NES, the focus shifts towards translating words into actions. After nearly three decades of summits, the nation still grapples with foundational and structural challenges that impede progress.
The road to solving complex problems is multifaceted. Rather than exclusively approaching issues from the top-down, we must engage with them on multiple levels. The ease of doing business should extend beyond reports and into practical, everyday solutions, such as simplifying the process of opening bank accounts, obtaining necessary certificates like SCUML, and incorporating businesses. The government must also ensure the alignment of all agencies and institutions with its vision, curbing the roadblocks that hinder progress.
Moreover, security and the protection of citizens’ rights must be prioritised. The government’s daily engagement with its citizens, including the youth, should be characterized by a positive experience especially during interactions with the police, EFCC, NDLEA, Customs, or Immigration officials. Perhaps the leaders of these agencies should participate in future summits.
To foster confidence in the nation, the Tinubu Administration must first convince Nigerians of the country’s viability as a serious and attractive investment destination. The journey begins at home, and only when we create a conducive environment for our citizens can we genuinely attract foreign direct investment.
The road ahead is arduous, but as the 29th NES demonstrated, Nigeria’s intellectual prowess and dedication to change are boundless. Now is the time for these conversations to evolve into transformative actions, thereby ushering in a new era of sustainable economic growth and social inclusion.
Awoyinfa is a senior management consultant, specialising in driving systemic change management strategies and execution for international organisations across the African continent and parts of Asia. He wrote this as reflections from the 29th Nigeria Economic Summit. He is currently based in Nairobi, Kenya and can be reached on fawoyinfa@gmail.com
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