The Nigerian Economic Summit Group (NESG) has said the 29th summit (NES 29) tagged ‘Pathways for Sustainable Economic Transformation and Inclusion’, will proffer workable solutions to sustainable growth and living standards for all citizens.
The 2023 summit’s theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments and human capital development.
According to a statement released over the weekend by the group, Nigeria is currently grappling with rising unemployment, income disparity and multidimensional poverty.
“These challenges are worsened by an uneven allocation of resources, macroeconomic instability and institutional deficiencies.
“Data from the National Bureau of Statistics (NBS) in 2022 revealed that approximately 62.9 per cent of the population lives in multidimensional poverty, threatening the development of a vibrant middle class.
“With population growth outpacing poverty reduction, Nigeria’s current trajectory highlights the critical need to prioritise long-term development and shared prosperity,” it explained.
Despite the ongoing economic challenges, the NESG, however, expressed satisfaction with the current administration’s 8-point agenda targeted at getting Nigeria out of the woods. It referenced the World Bank’s forecast of an average annual economic growth rate of 2.9 per cent for the country between 2023 and 2025, underscoring the possibility of positive change with all hands on deck.