By Tony Obiechina, Abuja

The Nigerian Economic Summit Group (NESG) has honoured former Head of the Interim government, Chief Ernest Shonekan with the establishment of a Centre for Legislative Reforms and Economic Development.

The centre is designed to promote economic competitiveness and improve the business environment.

Speaking at the launch of the Centre at the 29th Nigerian Economic Summit (NES 29) in Abuja, the Chairman of the NESG, Mr.

Shonekan, as one of the founding fathers of NESG, played a pivotal role in organizing the first NES in 1993, a platform that brought together public and private sector operators of the economy to chart the way forward.

On what necessitated the establishment of the Centre, Yusuf said: “At the 21st Nigerian Economic Summit in October 2015, appropriately themed “Tough Choices: Achieving Competitiveness, Inclusive Growth, and Sustainability,” we acknowledged that Nigeria was at the precipice, the looming economic crisis and the fragility of our macroeconomic environment had affected businesses, leading to low productivity, declining FDIs and ultimately economic decline.

“In 2016, the National Assembly Business Environment Roundtable (NASSBER) was established in partnership with the Nigeria Bar Association’s Section on Business Law (NBA-SBL) as a platform for the legislature and the private sector to engage, deliberate, and act on a framework that will improve Nigeria’s business environment through a review of relevant legislations and provisions of the Constitution.

“In 2021, NASSBER engaged the Conference of Speakers of State Legislatures of Nigeria in a high-level dialogue to chart pathways to subnational economic growth.

“This engagement birthed the State Assemblies Business Environment Roundtable (SABER). In the same year, NASSBER collaborated with the National Judicial Institute (NJI) to provide bespoke training for judicial officers in an event tagged” The Role of the Bench in Economic Growth and Development in Nigeria”. This initiative was tagged the Judicial Capacity Initiative (JUCAP).

“We are quite encouraged by these activities and achievements, and we are now taking it further.

“Certainly, the Ernest Shonekan Centre for Legislative Reforms and Economic Growth provides a unique platform for which the three initiatives (NASSBER, SABER, JUCAP) strategically position the Centre to promote reforms to critical sectors of our economy.

“The Centre’s key objectives are achieving economic competitiveness and improving the business environment.”

Yusuf identified some pressing issues such as the increasing cost of living, the burden of multiple taxes, the high unemployment rate, and poor economic outcomes, characterized by stagnation, low growth, and inadequate investment, which have impeded progress in the nation’s quest for economic transformation.

According to him, the newly established Centre will “address critical issues about competitiveness and sustainability through enhanced synergy between the legislature, private and public sectors.”

 Also speaking at the occasion, Adebo Ogundoyin, Speaker of Oyo State House of Assembly, commended NESG for establishing the Centre, noting that Centre will serve as a “significant stride towards fostering essential reforms in legislation and regulations, which are pivotal in attaining economic competitiveness and enhancing the business climate.”

“The establishment of this institution serves as a testament to the acknowledgment of the critical role played by laws and regulations in shaping the economic landscape.

“By assuming the role of a change catalyst, The Ernest Shonekan Centre aims to expedite impactful reforms that will unleash the complete potential of our economy and cultivate a favorable milieu for businesses to flourish.

“I commend the vision and dedication of all those involved in the establishment of this center. Your commitment to driving legislative reforms and economic development is commendable, and I have no doubt that your efforts will yield positive outcomes for our nation,” he said.In her remarks, Mrs. Margaret Shonekan, the wife of the late head of state commended NESG for honoring her husband as well as sustaining the legacies that her late husband initiated at the NESG.