NESG urge FG to drive macroeconomic stability, single FX window, others

BY PHILIP CLEMENT, ABUJA

The Nigerian Economic Summit Group (NESG) have urged the federal government to boost the economy by driving microeconomic stability and ensuring a single forex window in the country.

These and other recommendations formed the resolution of the Nigerian Economic Summit (#NES26) which was released in Abuja on Tuesday and presented to the public.

The NESG through it’s Chairman, Asue Ighodalo said that the Covid-19 pandemic has wrecked for serious havoc on the economy, prompting the need for a stable macro-economy.

Part of the recommendations of the #NES26 reads: “There is an urgent need for the federal government to maintain macro-ecnomic stability that ensures growth and create jobs. Also, unification of FX rate into a single and market driven window.

On the oil sector, the report recommends that to ensure growth in the sector “A complete deregulation is required by passing the Petroleum Industry Bill (PIB)”.

The NESG further submitted that more synergy between the National Economic Council and the private sector will ensure more competitiveness, while calling on the federal government to integrate development policies at the sub-national levels in order to achieve the SDG goals 2030.

The NESG also advised the federal government to as a matter of urgency, address the challenges of youth employment.

“Empowering Nigerian youths by tackling unemployment, underemployment is key. As such, the Bridge fellowship by NESG should be replicated. Also there should be an established platform in collaboration with NESG in proferring solutions to national issues” the report added.

While receiving, the minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed assured the NESG that the recommendations of the report will be detailed and transmitted to the President for further action.

“Going forward, I have noted the detailed recommendations with responsible institutions. We will transmit the recommendations to Mr. President and indeed the Federal Executive Council.

With the approval of Mr. President, government will put in place deliberate policies, working with responsible Ministries, Departments and Agencies (MDAs) to ensure implementation of the recommendations.

“While commending the Joint Planning Committee for the success of the Summit it is important to point out the urgent need to further strengthen the collaboration between the NESG and the Ministry.

I am aware that this partnership has endured over the years and has become mutually beneficial to the parties.

For instance, beyond the joint hosting of the Annual Summit, the Nigerian Economic Summit Group is currently assisting the Ministry in its efforts at producing the Successor Plans to both the NV20:2020 and ERGP, 2017-2020″ She said.

Mrs. Ahmed called for more synergy between the Group and the federal government to drive growth.

“This underscores the need for stronger and well defined partnership between the NESG and the Federal Government, represented by the Federal Ministry of Finance, Budget and National Planning.

In this regard, the Ministry will work with the NESG to put in place, a Memorandum of Understanding to anchor and formalize this partnership as well as define the roles of both parties,” she concluded.