NES #32 Closes With Call to Turn Reforms Into Growth That Works

The 32nd Nigerian Economic Summit ended on Tuesday with public and private sector leaders demanding that macroeconomic reforms move from theory to tangible household-level growth. The two-day summit was held under the theme 'Growth That Works'.

Macro reforms face execution test

Minister of Finance and Coordinating Minister of the Economy Wale Edun presented the proposed National Economic Policy Framework. He called for a shift from treating the economy as a development plan to building a competitive national economic model on seven interconnected systems: stability, productivity, enterprise, capital, people, markets and institutions.

Prof. Stefan Dercon of the Blavatnik School of Government, University of Oxford, said recent macroeconomic stabilization was commendable but cannot last without deliberate microeconomic strategies. He urged a pro-pragmatic approach, citing export-oriented, private-sector-led models in Indonesia and China.

BUA Group Executive Chairman Abdul Samad Rabiu spoke for the private sector. He acknowledged improved access to currency after foreign exchange reforms but said naira depreciation had significantly inflated production costs. He urged a shift from import dependence to domestic production and value addition.

Lagos State Governor Babajide Sanwo-Olu cited a 2026 GDP projection of $146.23 billion and 3.89% growth in Q1 2026. He called for decentralized energy solutions and optimization of the Lekki Deep Sea Port to boost intra-African trade under AfCFTA.

Growth still short of poverty target

A panel on 'Growth That Works' noted that GDP growth estimated at 4% falls short of the 7% to 9% required for significant poverty reduction. Sessions on digital inclusion and human capital stressed the need to equip Nigerian workers for the future. NITDA Director-General Kashifu Inuwa Abdullahi said inclusion goes beyond internet connectivity and must empower citizens to improve livelihoods and productivity. Participants called for a curriculum overhaul to close the mismatch between academic outputs and industry demands, plus robust investment in early childhood development.

Agriculture, security, tax, MSMEs and capital

The 'Rising Together' initiative called for a move from raw commodity trading to value-chain industrialization. Minister of Industry, Trade and Investment Dr. Jumoke Oduwole stressed better market access across Nigeria’s six geopolitical zones to enhance export capabilities. Discussions on security said insecurity artificially inflates business costs and disrupts agricultural supply chains. Panelists urged technology, transparent public-private security funds and action on root causes.

On tax reform, stakeholders noted that 74% of citizens accept the right to tax but express low trust in collecting institutions. They called for digitized tax systems and better communication on how tax revenues are used. On the informal economy, stakeholders said over 39 million MSMEs are scaling without adequate support. They urged formalization through targeted incentives and data-driven support. The 'Reform to Capital Mobilization' panel revealed that approximately 95% of foreign inflows into Nigeria are short-term portfolio flows. Experts called for clear exit routes for investors and greater pension allocation to infrastructure to attract sustainable long-term capital.

Accountability index and final call

NESG announced an annual NES Accountability Index. Incoming NESG Chairman Omoboyede Olusanya listed five immediate priorities: publishing the accountability index, deepening research for reform initiatives, devolving influence to sub-national governments, making projects bankable for private investment and broadening inclusion.

Representing President Bola Ahmed Tinubu, Vice President Kashim Shettima reaffirmed the administration’s commitment, citing 3.89% GDP growth in Q1 2026 and crude oil production of 1.735 million barrels per day. The summit ended with a 'Call to Action' urging that the cost of reforms be minimized for the average citizen while delivering measurable gains. The closing communique read: 'The private sector’s message was clear: there is broad agreement on the direction of reform, so the task now is execution.' It also said: 'The time to act is now: to turn commitments into measurable results, and to return next year with evidence of progress.'

For Nigerian businesses and consumers, the summit’s message is that execution, not more policy talk, is now the test.