NESG fears implementation challenge to Nigeria’s recovery, growth plan

by | March 10, 2017 12:35 am

The Nigerian Economic Summit Group (NESG) has expressed concern that major challenge facing Nigeria’s recently launched Economic Recovery and Growth Plan is its implementation.
“We do believe that having a plan is better than not having at all. In Nigeria, we have never lacked plans but the key issue is how to implement them,” said Kyari A. Bukar, Chairman of the Board of NESG.
Bukar, while responding to question during an interactive media session, noted NESG’s commitment to building market-driven Nigerian economy everyone will be proud of.
Recently, Nigeria launched the long-awaited Economic Recovery and Growth Plan, a medium-term plan for 2017-2020, broadly targeting restoration of growth, human development and globally competitive economy, in efforts to combat current economic crisis and achieve sustained diversification and inclusiveness.
The Economic Recovery and Growth Plan which Acting President Yemi Osinbajo-led Federal Government released recently aims to restore Nigeria’s economic growth, invest in Nigerian people, and build a globally competitive economy. It is positive on tackling corruption, improving security, and creating jobs for the youths.
Also, Laoye Jaiyeola, CEO, Nigerian Economic Summit Group (NESG) said, “We want a market driven economy. It is one thing to have policy and another is to implement it.”
“Nigeria growth plan is part of what all of us have earlier advocated. We have advocated that Government must have a coordinated approach to economic growth. Economic Recovery and Growth Plan is a step in the right direction and it is the focus and consistency of the implementation process that matters. For us, the good thing is that we have a plan,” Jaiyeola added.
At the forum, the NESG sought for a strengthened partnership with the media as it commits advocating for right government policies to building Nigerian economy with a corresponding impact on the lives of citizens.
The NESG strongly believes on the need for Nigeria to achieve macroeconomic stability, noting that the nation’s monetary and fiscal policies must align. “Right now, they are not”, the NESG chairman said.
The NESG also recognises that there is a political economy challenge to improving Nigeria’s ease of doing business.
“In all honesty, if we are committed in improving ease of doing business in Nigeria like the Minister of Industry, Trade & Investment is doing currently, we will go far as a country,” Bukar noted.
He said also that the civil servants have to raise their games in service to ensure that Nigeria attracts every visitor willing to do business in Nigeria.
Much of what NESG advocates and dialogues for will help to advance the development of a private sector led economy that is conducive to responsible investments.
The most crucial role that NESG would be playing in 2017 and beyond would be that of specialised Economic Recovery Support Operations. In order to do this, NESG focuses on four main areas –deepening the quality and quantity of its public-private dialogue; expanding its research and development capabilities; strengthening intervention and execution management capabilities; and expanding its strategic alliance base – while leveraging NESG Policy Commission as well as other functional committees/networks of the Group.

Iheanyi Nwachukwu
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