President Bola Tinubu, in a powerful speech at the 29th Nigerian Economic Summit (NES) in Abuja, emphasized the urgent need for economic reforms and outlined his vision for Nigeria’s economic growth. Addressing a gathering of dignitaries, business leaders, and policymakers on October 23, 2023, President Tinubu recalled a previous commitment he made at the Economic Summit House during his presidential campaign, where he pledged to join the NES, stressing the importance of this moment in the nation’s history.
“Your excellencies, ladies and gentlemen, as the presidential candidate of my party, I took part in a presidential dialogue with captains of industry at the Economic Summit House. On that day, I made a promise to the Nigerian Economic Summit Group that I would be here today. I’m grateful to God Almighty that I’m able to keep that promise,” President Tinubu said. “I’m here to join you at the 29th Nigeria Economic Summit, with the theme ‘Pathway to sustainable economic growth, economic transformation, and inclusion.’ This is taking place at an auspicious moment in our nation’s history, which demands urgency and courage to implement much-needed reforms.”
He acknowledged the challenging economic landscape Nigeria faces, with the nation still grappling with the aftermath of two recessions and the global pandemic. President Bola Tinubu noted the decline in global economic growth and remained optimistic, citing his belief in Nigeria’s potential for economic stabilization and growth in both the short and long terms.
“Combined global economic growth is projected not only to stagnate but slide into a reverse trajectory over the next fiscal year, from 3.5% growth recorded in 2022 down to 3.0% in 2023 and 2024. Yet, I contested for the office of President because I believe in the future of this great nation. I believe that economic stabilization and growth are possible in the short to medium term and that sustainable growth and inclusive economic transformation are possible in the medium to long term,” the President said.
President Bola Tinubu Demands Government Abiding to the Rule of Law
One week prior to his address at NES, President Bola Tinubu and his administration approved the 2024 to 2026 medium-term expenditure framework and fiscal strategy paper. He reiterated his commitment to swift and effective governance, aiming to uphold administrative principles such as impartiality, government in accordance with the Constitution, and the rule of law.
“We are committed to delivering improved livelihood and positive economic outcomes that Nigeria can tangibly feel and experience. Our only objective is to create a fair and level playing field for all,” President Tinubu declared. He introduced eight priority areas in his administration’s agenda, emphasizing the importance of ending poverty, achieving food security, stimulating economic growth and job creation, providing equal access to capital, fostering inclusivity, ensuring security, promoting fairness, upholding the rule of law, and intensifying the fight against corruption.
Ending Fuel Subsidy and Unifying Foreign Exchange Rates
To stimulate economic growth, President Bola Tinubu announced the end of the crippling fuel subsidy regime and the unification of foreign exchange rates, marking a significant shift in economic policy. These measures are expected to reinvigorate the economy and support small-scale businesses and the agricultural sector with a 500 billion Naira intervention.
“We are working to achieve the objectives of our agenda, and I believe a $1 trillion economy is possible by 2026, and a $3 trillion economy is also possible within this decade,” President Tinubu asserted, outlining ambitious goals for Nigeria’s economic growth.
Call to Industry Leaders: “Collaboration for a Prosperous Nigeria”
President Bola Tinubu directed a compelling message to the captains of industry present at NES, urging them to commit and redouble their efforts to the vision of a renewed, more prosperous Nigeria. He expressed his confidence in their ability to play a crucial role in financing the nation’s $3 trillion National infrastructure stock within ten years, building mega cities across all geopolitical zones, and establishing thriving industrial zones.
“It is within your reach to help Nigeria breathe a sigh of renewed hope and confidence. I’m here to think with you, and my government is ready to work with you to chart the path for a greater, promising, and prosperity-rewarding Nigeria,” President Tinubu stated, emphasizing the importance of industry collaboration.
Managing Business Environment: “Working through Challenges”
Acknowledging the presence of various conflicts and contradictions worldwide, President Bola Tinubu assured that his administration is dedicated to creating a conducive business environment within Nigeria. He underlined the need for collaboration, effectiveness, and commitment from industry leaders to overcome the challenges faced by the nation.
“It is only with your collaboration, effectiveness, and genuineness of your commitment to national growth that we can come out of these challenges. Therefore, I’m pleased to declare this 29th economic Summit open,” President Bola Tinubu concluded, officially opening the NES event and setting the tone for critical discussions on the nation’s economic future.
Reactions from NES Attendees
President Bola Tinubu’s speech at the NES elicited various responses from attendees. Many lauded his ambitious economic agenda and called for unity and collaboration among industry leaders to drive the nation’s growth. Business tycoon, Abigail Udo, praised the President’s commitment to ending the fuel subsidy and unifying foreign exchange rates, describing it as a step in the right direction.
In contrast, some skeptics expressed concerns about the feasibility of achieving the proposed economic targets and the potential challenges in implementing the reforms. They called for more detailed plans and transparency in the government’s approach.
NES Forum Kicks Off with Intense Discussions
Following President Bola Tinubu’s address, the 29th Nigerian Economic Summit officially began, with attendees engaging in intense discussions, panels, and workshops centered around the theme of “Pathway to sustainable economic growth, economic transformation, and inclusion.” The summit promises to be a platform for robust debates, knowledge sharing, and policy formulation to pave the way for Nigeria’s economic future.
As President Tinubu’s administration seeks to deliver on its promises and steer the nation towards a $3 trillion economy, the NES plays a pivotal role in shaping the trajectory of Nigeria’s economic transformation. It is a challenging but promising journey that will require the dedication and collaboration of all stakeholders to bring about lasting change.
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