By Ayanyinka Ayanlowo
Effective stakeholder collaboration fosters better decision-making by leveraging diverse perspectives and expertise. It helps to promote synergy between various tiers and levels of governments and other stakeholders, leading to greater economic development and inclusivity.
As the 30th Nigerian Economic Summit (NES #30) approaches, the emphasis on promoting stakeholder collaboration, a sub-theme of NES #30, resonates as a cornerstone for driving Nigeria’s and Africa’s economic stability and development. This pivotal Summit, themed “Collaborative Action for Growth, Competitiveness, and Stability,” underscores the necessity of synergizing efforts among governments, businesses, civil society, and international partners to achieve comprehensive and sustainable economic progress.
By fostering a collaborative environment, NES #30 aims to ensure that economic policies and strategies are aligned to support long-term stability and development, ultimately leading to a resilient and thriving economy for Nigeria and the broader African continent.
A Historical Perspective
The inaugural Nigerian Economic Summit in 1993 was convened against a backdrop of prolonged economic challenges. It marked a significant shift from a state-led economic model to a dynamic, private sector-driven economy. This transition was more than a change in economic policies; it represented a profound shift in the philosophy guiding Nigeria’s development path.
For decades post-independence, Nigeria’s economy was characterized by a government monopoly in business and industry, with state-owned enterprises (SOEs) dominating the landscape. These enterprises were supported by substantial public investments aimed at spurring economic growth. However, it became evident that a private sector-driven economy could better foster innovation, competitiveness, and sustainable growth.
The Power of Collaboration in Influencing Economic Growth.
Stakeholder collaboration is crucial for crafting unified approaches to policy-making and infrastructure development. Within Nigeria, such collaboration can boost industrial growth and job creation. At a regional level, it can enhance trade and harness Africa’s vast resources and markets to achieve economic diversification. Engagement with global economies facilitates technology transfer, foreign investment, and the adoption of best practices.
By working together, stakeholders can address common challenges, leverage shared opportunities, and create a resilient, competitive, and inclusive economy that benefits all Africans. The goal is to foster collective action and develop a unified approach to economic progress, ensuring that diverse perspectives contribute to Nigeria’s and Africa’s development agenda.
The Role of NES #30
The 30th Nigerian Economic Summit will be a pivotal moment, emphasizing the Summit’s critical role in providing a platform for meaningful deliberations on economic development. The Summit will spotlight Nigeria’s significance in driving the continent’s transformation through institutions, investment, integration, industry growth, and innovation.
The theme, “Collaborative Action for Growth, Competitiveness, and Stability,” will catalyze discussions that mobilize leaders towards creating shared opportunities for present and future generations. The Summit will highlight the importance of achieving Africa’s aspirations in a new global context through bold ideas and actions with strong leadership at industry, national, regional, and global levels.
Key Areas of Focus
NES #30 will engage stakeholders in a critical discourse to:
Address current socioeconomic challenges to ensure stability;
Explore strategies to improve economic competitiveness;
Identify pragmatic policies and actions for inclusive growth and development; and
Prioritize collaborative approaches between stakeholders for progress.
A Call to Action
The Nigerian Economic Summit Group (NESG) has, over the past 27 years, established the NES as the premier platform for public-private dialogue in Nigeria. The inaugural Summit (NES#1), held from February 18-20, 1993, concluded that continuous dialogue and cooperation between the private and public sectors are imperative for economic progress.
This annual Summit has since been acknowledged by national and global policymakers and business leaders as a vital platform for shaping policies that drive Nigeria’s economic progress.
As we look forward to NES #30, the call for promoting stakeholder collaboration is more urgent than ever. By synergizing efforts among governments, businesses, civil society, and international partners, we can drive comprehensive development strategies that lead to sustainable economic growth. Collaborative efforts will be crucial in building a resilient, competitive, and inclusive economy that benefits all Africans.
In conclusion, the 30th Nigerian Economic Summit represents a critical juncture for Nigeria and Africa. By focusing on promoting stakeholder collaboration, NES #30 will chart a course for a more unified, competitive, and prosperous future. The deliberations and outcomes of this Summit will shape the trajectory of Nigeria’s economic development, reinforcing its position as a leader in driving Africa’s transformation in a new global context.
*Ayanyinka Ayanlowo is NESG’S, Acting Head, Strategic Communication & Advocacy
