BUSINESS
FG Inaugurates 29 Nig Economic Summit Joint Planning Committee
…29 Nig Economic Summit Joint Planning Committee
By Tony Obiechina, Abuja
The Federal government has formally inagurated the Joint Planning Committee for the 29th Nigerian Economic Summit (NES#29) scheduled to hold on 24th and 25th October, 2023 in Abuja.
Speaking at the inauguration in Abuja, the Permanent Secretary, Ministry of Budget and National Planning, Nebolisa Anako said in order to ensure effective preparation for the 29th Summit, members of the JPC have been carefully selected in recognition of their pedigree, experience and knowleage in organizing previous Summits as well as keen interest in the development of the country.
He charged members of the committee to among others:
*Review the events/outcomes of the 28th Economic Summit;
*Make al preparatory arrangements for the successful hosting of the 29th Nigerian Economic Summit (NES#29), including developing programme of and timelines
for the implementation of the key activities at the Summit;
*Articulat the budgetary requirements, and the sources of funds for hosting the Summit;
*Propose the optimal strategy for funding the activities of the JPC and the Summit;
*Mobilize relevant public and private sector stakeholders for the Summit, especially at the Federal, State and Local Governments, as well as Development Partners and other key stakeholders;
*Prepare the Green Book for the NES #29, within 3 months of the completion of the Summit;
*Undertake any other work that may lead to the successful hosting of the Summit.
The Permanent Secretary appreciated the Public and Private Sector Co-chairs and member JPC for successfully organizing the 28 Nigerian Economic Summit and for working round the clock to produce the Green Book for the Summit in record time.
Read Also: NESG Holds Economic Summit Next Week, Cancels Presidential Debate
“I am aware that copies of the Green Book have been received by the Ministry and is being distributed to Federal Ministries Departments and Agencies (MDAs) as well as other critical stakeholders to facilitate the implementation of the Summit recommendations.
” I am also pleased to inform you efforts have been concluded to forward the Summit recommendations and outcomes to the Federal Executive Council (FEC) in form of Council Note for their information and guidance”, Anako.
He further stated that the Summit “provides a veritable platform for dialogue among policy makers, corporate leaders, organized private sector, civil society organization as well as development partners. It also provides the opportunity to strengthen the existing mutual and symbiotic relationship between the Public and Private sector business environment in the overall interest of our dear country”.
He noted that key outcomes of the annual Summits have always played important roles in shaping the policies of Government, adding that the Summit had in the past contributed to entrenching the culture of development planning in the country.
The Permanent Secretary added that the partnership had helped immesly in the development of the National Development Plan (NDP) 2021-2025 and the Nigeria Agenda 2050, stressing that the contributions of the group will continue to endure going
Speaking earlier, the Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Laoye Jaiyeola said since the establishment of the NESG in 1993, Summit has experienced significant growth, evolving into an annual gathering that unites influential policymakers, private sector leaders, and representatives from civil society for vital discussions.
He noted that as a crucial event for the government and business communities, it consistently provides a reputable and widely recognised platform for fostering consensus and mutual understanding on the country’s economic policy trajectory and growth strategies.
“Throughout its three-decade existence, the NES has garnered praise from national and international policymakers and business leaders, solidifying its status as the primary avenue for facilitating constructive public-private dialogues within Nigeria.
“However, as we acknowledge these advancements, we must also confront the harsh realities that our nation currently faces. Weak economic growth, high poverty rates, a rising cost of living, increasing unemployment, and widening income gaps continue to challenge us.
“These economic headwinds indicate that this is no time for a business-as-usual approach to economic governance.
In 2022, the global economy encountered many obstacles, including heightened political risks, energy and food shortages, and the lingering impact of the COVID-19 pandemic.
“Despite these formidable challenges, Nigeria’s economy exhibited resilience, sustaining its recovery from the recession of 2020 with an impressive 3.0 per cent expansion in real Gross Domestic Product (GDP) during the initial three quarters of the year”, he stated.
Olaoye pointed out that the 29th Nigerian Economic Summit is not just an annual event but represents a call for change, a clarion call for renewed commitment, and a dedicated effort to turn our economy around for the better.
“We gather here today to justify the need for this year’s Nigerian Economic Summit. It seeks to be a pivotal turning point in our nation’s journey towards economic transformation. We must address the challenges head-on, engage in frank discussions, and devise innovative strategies to yield tangible results for all Nigerians.
“The NES #29 aims to achieve several crucial objectives. Firstly, it will facilitate an open and constructive dialogue that incorporates the views and ideas of all stakeholders. Secondly, it will foster an environment of collaboration, where the public and private sectors can work together hand in hand to co-create solutions that lead to shared prosperity.
“Thirdly, it will serve as a platform to present actionable recommendations to the government to formulate effective policies and reforms”, he added.
The NESG CEO commended the Ministry of Finance, Budget, and National Planning for their unwavering commitment to the partnership between the Nigerian Economic Summit Group and the Federal Government, adding that “through this synergy, we have achieved significant strides in the past, and through this partnership, we envision achieving even greater success”.
He also commended my President Bola Ahmed Tinubu and Vice President Kashim Shettima for their commitment “to sustain this 30-year collaboration that fosters honest and candid dialogues in the national interest on the platform of the Nigerian Economic Summit. Their belief in the power of public-private partnerships will be instrumental in driving the success of this forum, and we remain steadfast in our dedication to working together for the betterment of our nation”.
…29 Nig Economic Summit Joint Planning Committee
Agriculture
FG Calls for Stronger Agricultural Value Chains to Boost Food Security
The Federal Government has called for a stronger agricultural value chains, increased agro-industrialisation and improved market access to boost food security in Nigeria.
The Permanent Secretary, Federal Ministry of Agriculture and Food Security, Dr.
Marcus Ogunbiyi, made the call on Monday in Enugu during the Technical Session of the National Council on Agriculture and Food Security.The theme of the event is “Enhancing Agricultural Value Chains, Agro-Industrialization and Market Access for Economic Growth.”
Ogunbiyi, who doubled as the Chairman of the Technical Session, said that the country must move beyond subsistence farming and embrace a commercially driven agricultural system capable of supporting industries, improving farmers’ incomes and expanding export opportunities.
“Our task goes beyond increasing the volume of food produced.
“We must build an agricultural economy that creates wealth, supports industries, generates decent employment, expands exports, improves rural livelihoods and contributes meaningfully to national economic growth,” he said.
The Permanent Secretary identified inadequate storage and processing facilities, limited access to finance, poor logistics and weak links between farmers and processors as major challenges affecting the competitiveness of agricultural products.
He called for increased investment in agro-processing facilities, rural roads, irrigation, electricity, cold-chain infrastructure and modern technologies to reduce post-harvest losses and promote local value addition.
“Agro-industrialisation is central to the transformation we seek to achieve. It provides the bridge between agriculture and industry.
“It also enables agricultural production to serve as a reliable source of raw materials for manufacturing and other productive sectors of the economy.
“The value of this Council will ultimately be determined by the quality of its resolutions and the extent to which those resolutions are implemented,” Ogunbiyi stated.
He also urged state governments to identify priority commodities, establish clear production and processing targets, attract private-sector investment and strengthen partnerships with research institutions and development partners.
In his remarks, the Enugu State Commissioner for Agriculture and Agro-industrialisation, Patrick Uburu, said that the state government was committed to agro-industrialisation to boost farmers’ income, create jobs and generate wealth.
Uburu, who described the technical sessions as a platform for translating policies into practical solutions, urged delegates to prioritise farmers and agribusiness operators in their deliberations.
He emphasised the need for stronger collaboration among state governments, federal agencies and development partners to address food security challenges, noting that recommendations from the meeting should be measurable and implementable.
The commissioner called for practical policies and investments that would improve farmers’ productivity and expand market access for agricultural produce.
Technical Lead Policy Advisory, GIZ ECOWAS & Nigeria, Dr Abiodun Ihebuzor, advocated for stronger partnerships and increased investment in agricultural value chains to reduce post-harvest losses and improve food security in Nigeria.
Ihebuzor noted that previous engagements at the 46th Council in Calabar and the 47th Council in Kaduna had provided opportunities to advance agricultural development.
He expressed optimism that the current meeting would strengthen collaboration among government institutions, development partners and private-sector operators.
According to him, healthy soils, efficient markets and improved storage systems were essential to sustainable food security.
On her part, Geraldine Onu, Deputy Director, Administration and Supply, Enugu State Ministry of Agriculture and Agro-Industrialisation, disclosed that the State Government had intensified efforts to transform agriculture from subsistence farming to commercial and mechanical farming as part of its economic development agenda.
She noted that investments in irrigation, storage, processing and agricultural infrastructure were aimed at increasing production, attracting private investment, reducing post-harvest losses and improving farmers’ livelihoods.
“In Enugu State, under the visionary leadership of Gov. Peter Mbah, agriculture occupies a strategic position in the state’s economic transformation agenda.
“The initiatives include the 300,000-hectare agricultural land bank, the development of Smart Farm Estates across the 17 Local Government Areas, the 260 Farm Estate Programme and the establishment of a tractor assembly plant,” Onu added.(NAN)
Business News
NELFUND Loan Improves Graduate’s GPA to 3.50
A graduate of the University of Maiduguri, Shianya Ebwaseh, said the Nigerian Education Loan Fund (NELFUND) helped improve her Grade Point Average (GPA) to 3.50 through financial support that enabled her to concentrate on her studies.
Ebwaseh, who graduated from the Department of Zoology, Faculty of Life Sciences, said this in an interview on Monday in Maiduguri.
She said financial difficulties had previously affected her academic performance, as she struggled to meet her daily needs while pursuing her degree.
The graduate said she resorted to selling fried chips and groundnuts on campus to support herself, sometimes missing lectures because of the time and energy required to run the business.
According to her, the introduction of NELFUND’s student loan scheme relieved her financial burden through tuition support and a monthly N20,000 upkeep allowance.
“Before NELFUND, I struggled with my GPA because of financial challenges. I sometimes missed lectures after spending hours frying and packaging chips for sale.
“But when NELFUND came, I stopped the business and concentrated on my studies. My GPA improved to 3.50, which is Second Class Upper,” she said.
Ebwaseh said the financial support also enabled her to attend lectures regularly, purchase learning materials and prepare adequately for tests and examinations without constant worries about money.
She added that her examination scores improved significantly after she began receiving the support, attributing the change to increased concentration and financial stability.
The graduate, who said she accessed the scheme in her third year, described the application process as simple and encouraged other eligible students to apply.
She also said the programme had helped financially disadvantaged students remain in school, particularly those whose parents could not afford tuition fees and upkeep.
Ebwaseh appealed to the Federal Government to sustain the initiative, emphasising that withdrawing the support could expose many students to financial difficulties and possible dropout.
She said the scheme had given beneficiaries an opportunity to pursue their academic ambitions with fewer financial distractions.(NAN)
Business News
FG Seeks Synergy Among Housing Agencies to Boost Housing Delivery
The Minister of Housing and Urban Development, Dr Muttaqha Darma, has called for synergy among government agencies in the housing sector to improve coordination and accelerate housing delivery.
Darma made the call in Abuja on Monday at the stakeholders’ conference on the proposed National Real Estate Regulatory Authority (NRERA).
The conference, themed “One vision, One Ecosystem, One National Housing and Real Estate Plan”, was organised by the Office of the Speaker, House of Representatives, and the House Committee on Housing and Habitat.
The minister said the lack of coordination among government agencies had affected the effective delivery of houses to Nigerians, noting that institutions in the sector operated independently.
“The players within the industry, all of us, operate in silos.
“Federal Housing Authority (FHA) does not even know what the Federal Mortgage Bank of Nigeria (FMBN) is doing. FMBN does not know what the Ministry of Finance Incorporated (MOFI) is doing,” he said.
According to him, the various institutions must work together towards a common goal rather than operate independently.
“Our target is to build houses for Nigerians. We are wasting our time because if we fail, it is us who fail, not the President,” he said.
The minister expressed support for the establishment of NRERA, saying the proposed authority would address the regulatory gaps in the real estate sector.
He said the ministry had reviewed the proposed legislation and recognised its potential to improve the sector.
Darma also disclosed that abandoned housing projects funded by the Federal Mortgage Bank of Nigeria (FMBN) across the country were worth about N38 billion.
He said a survey conducted by the ministry revealed abandoned FMBN-funded housing developments in every state of the federation, including the Federal Capital Territory.
“We realised about N38 billion of contributors’ money, your own money, all the Nigerian workers’ money. N38 billion is wasted,” he said.
He said that the poor management of workers’ contributions could discourage Nigerians from contributing to the National Housing Fund.
The minister urged the committee handling the proposed legislation to ensure that state governments were included in the regulatory framework.
He also called for safeguards to protect homebuyers, tenants, developers and mortgage lenders, including mandatory escrow accounts for buyers and standardised tenancy agreements.
The Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said effective regulation was necessary to restore investor confidence in Nigeria’s real estate sector.
Takang said the sector contributed 12.71 per cent to Nigeria’s Gross Domestic Product (GDP) as of June 2026, but remained largely unregulated.
He said the absence of a national licensing system had allowed unqualified individuals to operate as estate agents and developers without adequate accountability.
“Anyone can sell land, anyone can collect off-plan payments, run into tens of billions and get away with it. There are very few countries in the world where these are allowed,” he said.
He called for mandatory licensing of real estate operators and the protection of buyers’ funds through designated project accounts.
“An operator must be licensed with the authorities. No one should be operating in the real estate sector without a licence, no matter which part of the value chain they are involved in,” he said.
He added that buyers’ funds should be kept in protected project accounts and released to developers based on evidence of progress on construction.
Takang said effective regulation would attract domestic and foreign investment, protect citizens and support the Federal Government’s one-trillion-dollar economy target.
He urged the National Assembly to ensure the passage of the proposed legislation, describing it as critical to bringing order and transparency to the real estate sector.


