Nigerian Economic Summit Group

The Nigerian Economic Summit Group (NESG) is a private sector-led think-tank and policy advocacy group based in Nigeria. The NESG promotes sustainable growth and the development of the Nigerian economy.[1][2] It is a non profit, non-partisan and apolitical organization, with the mandate to champion the reform of the Nigerian economy into an open, private sector-led economy that is globally competitive on a sustainable basis.[3]

Nigerian Economic Summit Group
FounderChief Ernest Shonekan GCFR
TypeNon-profit, Non-partisan think tank organization
Location
  • No 6, Oba Elegushi Street, Off Oba Oyekan Avenue, Ikoyi, Lagos.
Key people
Asue Ighodalo, 'Laoye Jaiyeola

In 1993, a group of passionate and concerned private sector leaders, representing key economic sectors, conceived the Nigerian Economic Summit (NES) and sustained it as a platform for bringing together private sector leaders and senior public sector officials to discuss the future of the Nigerian Economy.

Three years later, in 1996, the NESG was incorporated as a non-profit, non-partisan private sector organization with a mandate to promote and champion the reform of the Nigerian economy into an open, private sector-led globally competitive economy [4]. Over the years, it has emerged as the most important platform for public-private dialogue in Nigeria. in the 25 years of its existence, the think tank has accomplished a great deal in terms of research outputs and implementation of programs, seminars, conferences, and workshops, all aimed at facilitating the formulation and implementation of socio-economic reform programs for the growth and transformation of the Nigerian economy.

The objectives of the NESG includes building a first-class research institution to help support stakeholders in the execution of policies, articulate programs and strategies in response to any emerging trends in national and world economy and having a clear economic action agenda.[5]

History

At the First Summit on February 1993, national leaders explored 1992-2020 global scenarios and defined the principles for building a competitive economy in Nigeria, across what the delegates called 'New Frontiers'.[6] This consisted of Education, Stabilization, Privatisation, Deregulation, Infrastructurisation, and Democratisation. After days of dialogue and deliberations, the Federal Government at NES #1 adopted the underlying economic philosophy that would be the premise of 21st Century Nigeria:

1.       Commitment to a free-market economy,

2.       Encouragement of private sector investment,

3.       Creation of an enabling environment,

4.       Governance in the national interest,

5.       Commitment to the rule of law, and

6.       Establishment of economic foundation for democracy.[7]

Over successive Economic Summits, this economic philosophy formed the basis of reform proposals culminating in several National Development Agendas. By NES#3 (1996), the National Stakeholder Consensus was that there was a need for a National Vision. This Summit proposed a National Vision Statement for Nigeria by 2025: “Nigeria will be a well ordered, well-governed, just and prosperous nation, united in a sustained endeavor”. It also proposed a 'Change Program' from 1996 to 2010, laying the foundation for the 'Vision 2010' agenda.[8] Following the extensive recommendations of the NES#3, Nigeria's 'Vision 2010' Committee, consisting of 240 members who were primarily from the NESG, submitted the 'Vision 2010' report; hence NES#4 was dedicated to its implementation.[9]

By 2001, Nigeria had transformed into a modern 21st-Century African Democracy and with a growth rate of 10%. World Bank Reports noted Nigeria in the 'MINT' nations with the economic potential to join the 'BRICS' nations, as well as the top league of 20 most prosperous nations in the world. The need for a more robust and ambitious agenda was recommended. This led to the articulation of the 'National Economic Empowerment Development Strategy (NEEDS)' and the corresponding 'State Economic Empowerment Development Strategies (SEEDS)' in NES#10 and its subsequent implementation in NES#11 in 2005. With the NEEDS-SEEDS synergies in place, the National Stakeholders noted the lack of clarity in terms of Nigeria's Vision on a Sector-by-Sector basis, and in cognizance of the global narratives of Nigeria joining the league of 20, in the middle of successful on-going reforms across sectors like Telecommunications, Transportation, Banking and Finance and Pensions. This led to the 2007 Summit Agenda Theme: 'Nigeria: Positioning for the Top 20 League', which was accentuated by the articulation of the 'Vision 20:2020'.  Nigeria's 'Vision 20:2020' was, therefore, an NES-inspired national effort aimed at growing and developing Nigeria, Africa's most populous nation, and bringing her to the league of the world's 20 leading economies by the year 2020.

The Nigerian 'Vision 20:2020' set a national agenda with ambitious targets and objectives to achieve rapid economic growth and to be one of the highest-ranking 20 economies in GDP size.[10] An analysis at how Vision 20:2020 has fared over the past ten years of its adoption and implementation shows very poor performance. Since 2009, Nigeria has had two administrations with their own individual socioeconomic development plans, which ‘in principle’ coincide with the terms of Vision 20:2020. The latest of these plans is the 'Economic Recovery and Growth Plan (ERGP)' 2017–2020; a plan aimed at much-needed economic recovery in the short-term that set a pathway for sustained and inclusive economic growth.

Brand Identity[11]

On the 10th of July 2019, the NESG unveiled and launched its new corporate identity at the Summit House in Lagos, in line with its mandate of promoting and championing the reform of the Nigerian economy into an open and globally competitive one. According to the Chairman of the Board, Asue Ighodalo, the new corporate identity of the NESG is based on elements that highlight the values of sustainable economic growth, innovation and globalization that the organization has been associated with.[12] He stated that the new brand identity is an exciting change for the NESG. "It represents our evolution from being the ad-hoc platform founded by top private sector players in the early 1990s, into a think-tank that is constantly driven to make changes and impact positively on the economic discourse of the nation and beyond," he said.[13] The new NESG logo represents the values of sustainable economic growth, innovation and globalization that the NESG has been associated with. The four components of the logo represent the mandate of the NESG. The blue crest represents Nigeria's space in the global economy, and the brand's interaction with the global trends to become a world-class think tank. The arrow in the typography represents the trajectory that the Nigerian economy needs to attain for the survival and happiness of its citizens.[14]

Nigerian Economic Summit

The Nigerian Economic Summit (NES) is the flagship event of the NESG and it is organized in collaboration with the national planning commission (NPC). The Nigerian Economic Summit has consistently focused on job creation, small and medium-sized enterprises (SME) growth, competitiveness, dismantling the pillars of corruption, encouraging sustainable growth and development and aligning home-grown long-term development agenda with the UN sustainable development goals. For 25 years, the Nigerian Economic Summit Group has accomplished a great deal in terms of research outputs and the implementation of programs, including seminars, conferences, and workshops. These have all been aimed at facilitating the formulation and implementation of socio-economic reform programs for the growth and transformation of the Nigerian economy.[15]

The Start-up Pitching Event

The Start-ups Pitching Event was introduced by the Nigerian Economic Summit Group as part of its flagship event, the Nigerian Economic Summit (NES) in 2017. It serves as a platform for entrepreneurs to grow and fund their businesses. The start-up Pitching event comes wit opportunities for mentorship and professional advisory services. The Start-Ups Pitching Event also was held in 2019 in the 25th anniversary Summit with the winners receiving grants.

Summit Themes
Years Themes
1999 Rebuilding the Nigerian Economy and Enhancing Productivity
2000 Breakthrough Economic Growth: An Action Plan
2001 Nigeria's Economic Priorities: How Do We Deliver?
2002 Nigeria: Putting the Economy First
2003 Nigeria: Partnering for Growth and Transformation
2004
2005 Building Momentum for Economic Transformation and Growth
2006 Sustaining Reforms and Unlocking Nigeria's Potential
2007 Nigeria: Positioning for the Top 20 League
2008 The Race to 2020: The Realities. The Possibilities
2009 10 Years of Nigeria's Economic Progress: Bridging the Implementation Gaps
2010 Nigeria at 50: The Challenge of Visionary Leadership and Good Governance
2011 Attracting Foreign Direct Investment through Global Partnerships
2012 Deregulation, Cost of Governance and Nigeria's Economic Prospects
2013 Growing Agriculture as a Business to Diversify Nigeria's Economy
2014 Transforming Education Through Partnerships for Global Competitiveness
2015 Tough Choices: Achieving Competitiveness, Inclusive Growth and Sustainability
2016 Made-In-Nigeria
2017 Opportunities, Productivity, and Employment: Actualizing the Economic Recovery and Growth Plan
2018 Poverty to Prosperity: Making Governance and Institutions Work
2019 Nigerian 2050: Shifting Gears

Policy Commissions[16]

The NESG Policy Commissions are working groups comprising public and private sector executives that meet regularly to fast-track the adoption of recommendations of the Nigerian Economic Summit (NES) and also ensure their implementation. Members of the NESG are expected to join and participate in the work of anyone or two of the eleven policy commissions.[17]

The 11 policy commissions are as follows:

  1. Energy Policy commission
  2. Science and Technology policy commission
  3. Manufacturing and solid minerals development policy commission
  4. Agriculture and food security policy commission
  5. Infrastructure and logistics policy commission
  6. Human capital development policy commission
  7. Governance and institutions policy commission
  8. Trade investment and competitiveness policy commission
  9. Finance, financial inclusion and financial markets policy commission
  10. Sustainability policy commission
  11. Tourism, Hospitality, Entertainment, Creative Industries and Sport as a Business

The structure of the Policy Commissions of the NESG is made up of sub-groups which are otherwise known as Thematic groups. There are 44 thematic groups that make up the policy commission structure of the NESG.

Advocacy Vehicles;

-Better Tax: The NESG Fiscal Policy Roundtable launched its Citizen Perception Report on the 15th of May, 2019, a first of several research pieces to be published in support of its tax reform and advocacy vehicle ‘Better Tax.’ The citizens perceptions report, which is the product of a nationwide perception survey cutting across households and small businesses in the tax value chain, also tasked government to establish an Office of Tax Simplification (OTS) among other recommendations targeted at demystifying complex provisions in the nation's tax laws and boosting dwindling revenues from the non-oil sector of the economy.[18]

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References
  1. "The Nigerian Economic Summit Group | About Us". nesgroup.org. Retrieved 2019-07-19.
  2. Asu, Femi (19 July 2019). "NESG unveils new brand identity". The Punch Newspaper. Retrieved 19 July 2019.
  3. Jaiyeola, Laoye (10 March 2015). "A BRIEF OVERVIEW OF THE NIGERIAN ECONOMIC SUMMIT GROUP" (PDF). Nigerian Economic Summit Group. 1: Page 1.
  4. Ude, Nnanna (1 August 2018). "NIGERIAN ECONOMIC SUMMIT GROUP ANNOUNCES THE NES #24 STARTUPS PITCHING EVENT". VC4A. Retrieved 19 July 2019.
  5. "The Nigerian Economic Summit Group | About Us". www.nesgroup.org. Retrieved 2019-08-06.
  6. "The Nigerian Economic Summit Group | About Us". nesgroup.org. Retrieved 2019-08-06.
  7. "The Nigerian Economic Summit Group | About Us/Brand Identity". nesgroup.org. Retrieved 2019-07-19.
  8. "Nigeria Economic Summit Programme". Nigeria Economic Summit Programme. Retrieved 2019-07-19.
  9. Ajayi, Dickson 'Dare; Ikporukpo, Chris O. (2007-01-23). "An analysis of Nigeria's environmental Vision 2010". Journal of Environmental Policy and Planning. 7 (4): 341–365. doi:10.1080/15239080500441137.
  10. "Nigeria's Vision 20:2020: Review and Prospects With Two years To Go". Nigeria’s Vision 20:2020: Review and Prospects With Two years To Go. Retrieved 2019-07-19.
  11. admin. "New Identity, Same Mandate -NESG | Naija News Leader". Retrieved 2019-09-06.
  12. "NESG Unveils New Brand Identity, Highlights Achievements Since 1993". NESG Unveils New Brand Identity, Highlights Achievements Since 1993. Retrieved 2019-07-19.
  13. "The Nigerian Economic Summit Group |". www.nesgroup.org. Retrieved 2019-08-16.
  14. "Sooper Media | 25 Years Later, The NESG Rebrands". Retrieved 2019-09-06.
  15. admin (2016-10-10). "Udoma: Economic Summit will Revamp Nigerian Economy". THISDAYLIVE. Retrieved 2019-07-19.
  16. "The Nigerian Economic Summit Group | Policy Commissions". nesgroup.org. Retrieved 2019-07-19.
  17. "The Nigerian Economic Summit Group | Policy Commissions". www.nesgroup.org. Retrieved 2019-08-06.
  18. Correspondents, Our (2019-05-17). "Better Tax: NESG Launches Citizen Report, Calls For Non-Oil Sector Revenue Drive". Independent Newspapers Nigeria. Retrieved 2019-09-10.
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