22 NESG opens with Made in Nigeria goods as focus

The Nigerian Economic Summit Group (NESG) has called for concerted and all round effort from relevant stakeholders,  for the Nation’s goal of self-sufficiency to be realised.

Chairman of  NESG Board Committee, Adedoyin Salami, made the call on Monday in Abuja at the opening of the 22nd edition of the Nigeria Economic Summit (NES 22).

According to him, “If made-in-Nigeria must succeed, it should not be the challenge of the federal government alone. All the 36 states of the federation and the Federal Capital territory (FCT) must have a role to play,”

The NES Board Chairman, who lamented that the country’s current economic indices were far from ideal, stressed the need to embrace the imperatives of local competitiveness and productiveness, as well as ability to create and add value to the economy.

Commenting on the obvious change in the Oil sector, Salami advised on a deliberate move away from overdependence on oil. “The dynamics of oil has changed, with the production of shale oil. The cost of producing shale oil imposes a cap on oil prices, with 72 countries in the world potentially capable of producing shale oil, with Nigeria’s key customers, United States and China already producing shale oil or looking for alternatives to our oil,” he said.

He maintained that Nigeria would overcome the domestic economic challenges if the country embraces a deliberate move away from oil dependence in line with a policy framework to articulate national development and attainment goals.

Salami also warned that failure to make the private sector the engine of growth and development would not make the country attractive to investors and called on government to encourage and support the private sector to contribute to the economy.

Also speaking at the event, The Minister of Budget and National Planning, Udoma Udoma, said the current administration has acknowledged the private sector as the anchor of the country’s economic growth, assuring that government would continue to encourage and support them to grow in a competitive environment.

“As a Government we have taken steps to encourage our officials to buy made in Nigeria products. We have also been working with the private Sector and other related stakeholders to encourage more consumption of Made in Nigeria goods and services. We believe that with more patronage, Nigerian producers will be encouraged to improve on quality and create jobs for our teeming youth.” He added.

President Muhammadu Buhari who declared the summit open called on participants to ensure that they reach conclusions and come up with resolutions that will support government’s effort to diversify the economy in the face of challenges posed by dwindling global oil prices.

“Made in Nigeria lies at the heart of so many efforts we are making to lead us through this troubled times and lay a firm foundation for the future,” President Buhari said.

The theme for this year’s summit is ‘Made In Nigeria’ with organisers and participants looking to come up with strategies that will spur economic growth through heightened patronage of made in Nigeria goods and services

On Day two, the Summit will continue with parallel sessions on the ICT, Small and Medium Enterprises, Micro Credit, services and finance.