The Nigerian Economic Summit Group (NESG) has said that promoting industrialisation and implementing policies that encourage regional trade are crucial steps toward achieving Nigeria’s $1 trillion economy target by 2030.
Olaniyi Yusuf, Chairman of the Group stated this in Abuja on Wednesday, during a press briefing to mark the close of the 31st edition of the Nigerian Economic Summit.
According to him, it has become imperative for government to coordinate policies and ensure they harmonise with the broader West African region, for easy movement of goods and services and persons across the continent.
For him, there is need for Nigeria to focus on the processing of raw materials.
“One of the policies that was mentioned is an African mobility-free movement, or easy movement of goods and services and persons across the continent. That is important.
“Trade is critical, industrialisation is also critical for us to become a $1 trillion economy. So we’ve got to industrialise, we’ve got to move from agriculture to be able to process the output of our farms and become a country that exports not just raw materials, but process the goods and services where incredible value has been added.
Yusuf also reiterated the need for Nigerians to protect and support investors, especially domestic investors.
“The way we treat domestic investors sends a signal of how we treat other investors. And so from the NESG, we call on governments, labor, civil society, and Nigerians as a whole, that we all should warmly embrace investors.
Read also: Tinubu defends economic reforms, boasts of rising revenues, debt stability at 31st NESG
“We all should protect investments. And if we do that, everybody benefits. The government benefits in terms of IGR, individuals benefit in terms of decent work and income, communities benefit, everyone benefits,” he said.
In his remarks, Sampson Ebimaro, permanent secretary, ministry of budget and economic planning, said that the annual summit is critical for policy making, adding that there was need to set targets to drive effective implementation of policies generated.
“Going forward, we need to set targets and say between now and 5 or 10 years time, this is what we want to achieve working with government. With that said, anyone can look at Nigerian Economic Summit Group and say, yes, we do have a goal, we have a target, and this is how far we have come,” he said.
Also speaking, Tayo Aduloju, chief executive officer of NESG said that the summit, in the past 30 years has been instrumental in shaping government’s policies.