Dynamic business environments crucial to diversification- NESG

Nigerian Economic Summit (NES #30), NESG, has said that for Nigeria and other African countries to successfully diversify their economies, dynamic business environments remain crucial. According to a statement signed by the Ag. Head, Strategic Communication & Advocacy, NESG, Ayanyinka Ayanlowo, if the government can take the bull by the horns and move to reduce bureaucratic barriers, improving access to finance, and enhancing infrastructure, Nigeria and Africa can create a fertile ground for businesses to thrive. Ayanlowo said “for decades after independence, Nigeria’s economy was characterised by a government monopoly in business and industry. State-owned enterprises (SOEs) dominated the landscape, supported by substantial public investments intended to spur economic growth.

“The inaugural Nigerian Economic Summit in 1993 was instrumental in advocating for a more private sector-led approach, setting the stage for significant economic reforms. Creating a Dynamic Business Environment; Dynamic business environments are crucial for economic diversification and resilience. By reducing bureaucratic barriers, improving access to finance, and enhancing infrastructure, Nigeria and Africa can create a fertile ground for businesses to thrive. This approach will not only stimulate job creation and wealth generation but also attract foreign investments, boosting the continent’s global economic standing. Empowering businesses with the right tools and support will enable them to adapt to changing markets, drive technological advancements, and contribute significantly to inclusive economic development.

“As Nigeria and Africa navigate the complexities of the 21st century, the lessons learned and the foundations laid through the Summits are more relevant than ever. NES #30 represents a crucial moment for reflecting on our progress and setting a course for a future characterised by dynamic business environment. Under the theme “Collaborative Action for Growth, Competitiveness, and Stability,” NES #30 aims to mobilise leaders towards creating shared opportunities for present and future generations. The Summit will emphasise the importance of achieving Africa’s aspirations in a new global context through bold ideas and actions, supported by strong leadership at the industry, national, regional, and global levels.”

Meanwhile, NES #30 will engage stakeholders in 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 Prioritise collaborative approaches between stakeholders for progress. The Summit will also spotlight Nigeria’s significance in driving the continent’s transformation through institutions, investment, integration, industry growth, and innovation.