"Economic Stability Not the Destination": NESG Says, Plans 31st Summit to Discuss Next Stage
- The Nigerian Economic Summit Group (NESG) says Nigeria must build on recent economic reforms, stressing that stability is only the starting point
- NESG chairman, Niyi Yusuf, said the think-tank will discuss the next stage of the reforms at its 31st Nigerian Economic Summit (NES#31) scheduled for October 6–8 in Abuja
- The minister of budget and economic planning, Abubakar Bagudu, spoke on the summit’s themes and the federal government’s long-term goals
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Ikoyi, Lagos state - The Nigerian Economic Summit Group (NESG) has acknowledged the bold reforms Nigeria under President Bola Tinubu has embarked on over the past two years, notably the removal of petrol subsidy and the harmonisation of foreign exchange (FX) rates.
Speaking at a press conference attended by Legit.ng in Lagos on Tuesday, August 19, Niyi Yusuf, chairman of the NESG, said global institutions such as the World Bank have already confirmed that these reforms have begun to yield results, bringing a measure of stability into the country's economy.
Source: UGC
Economic stability only the starting point - NESG chair
However, the NESG chairman said economic stability is not the destination, noting that the reforms alone are not sufficient to deliver the 2030 envisioned Nigeria. He said it's now time to move from economic stability to putting in place long-term structural reforms to achieve inclusive prosperity.
Yusuf said the group will convene its 31st Nigerian Economic Summit (NES#31) in Abuja from October 6 to 8 to address the country’s economic future under the theme: “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030.”
“Yet, if we pause and look deeper, one truth becomes clear: stability is not the destination; it is only the starting point,” Yusuf said.
“The reforms of 2023 and 2024 gave us breathing space, but they will not, on their own, deliver the Nigeria we envision by 2030.”
Beyond stability: NESG calls for second wave of reforms
To achieve the 2030 vision for Nigeria, Yusuf said the country now needs a second wave of reforms, after the bold reforms such as the removal of petrol subsidy, harmonisation of foreign exchange rates, among others.
His words:
“What is required now is a second wave of reforms, structural, deliberate, and transformative, that move us from crisis management to long-term nation building.
“The new Tax Acts that will come into effect in 2026 are a good start and this is why The Reform Imperative is not a choice, but a necessity.”
He added that without industrialisation, competitive infrastructure, inclusive growth, strong institutions, and bold investment strategies, Nigeria will remain stuck in “low productivity and high vulnerability.”
Five priorities for NES#31
- The summit, Yusuf explained, will focus on five priorities:
- Driving industrialisation-led growth,
- Building infrastructure for competitiveness,
- Advancing inclusion for shared growth,
- Strengthening institutions for sustainable impact, and
- Unlocking investment amid global trade shifts.
“Our task at NES#31 is clear: to translate resilience into renewal, and reforms into real, inclusive prosperity for every Nigerian,” Yusuf said.
NESG’s 30-year journey
Reflecting on the history of the summit, Yusuf said the NESG has played a pivotal role in shaping reforms over three decades, from pension and telecoms to agriculture and energy.
“At every turning point, whether through shaping landmark reforms or providing the blueprint out of recession in 2016, the NESG has stood firm as Nigeria’s leading dialogue platform for charting a sustainable path forward,” he said.
Source: Original
NESG CEO, Tayo Aduloju, echoed the chairman’s remarks, describing the upcoming summit as a defining moment for Nigeria’s future.
“As we enter the Agenda 2050 era, NES#31 must help us sustain this momentum and translate resilience into renewal,” he said.
He said dialogue from past summits has shaped reforms in key sectors, provided blueprints during economic recessions, strengthened public-private partnerships, and deepened collaborative nation-building.
According to the NESG CEO, the upcoming summit represents a defining moment to consolidate reforms, address the constraints to investment, production and productivity, and set Nigeria firmly on the path to achieving the aspirations of Nigeria Agenda 2050.
Tinubu's government backs summit’s goals
The minister of budget and economic planning, Abubakar Bagudu, said the summit’s themes align with the federal government’s long-term goals of sustainable development, poverty reduction, and inclusive prosperity.
Source: Original
Bagudu, who was represented by Felix Okonkwo, director of macroeconomic analysis at the ministry, said recent reforms have improved fiscal balance, debt sustainability, and investor confidence, which he described as “signals that Nigeria has chosen the right path.”
According to him, reforms must be treated as a continuous process. He also highlighted the importance of targeted programmes in agriculture, education, health, and social protection to protect vulnerable Nigerians.
Okonjo-Iweala says Tinubu has stabilised economy
Meanwhile, Legit.ng earlier reported that the director general of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, commended President Tinubu for "working hard" to stabilise the economy.
She hailed the president's economic reforms, including petrol subsidy removal and the unification of the foreign exchange windows.
However, the WTO DG urged the federal government to put social safety nets in place for poor Nigerians who are feeling the pains of the economic reforms.
Source: Legit.ng
