The Nigeria Economic Summit Group (NESG) has become a household name in the country, known for its role in shaping and influencing economic policies and development in Nigeria. But how did this organization come to be? What is its establishment story?
The NESG was founded in 1993 by a group of Nigerian business leaders and government officials who saw the need for a platform where the private and public sectors could come together to discuss and address economic challenges facing the country. This was a time when Nigeria was facing economic turmoil, with high inflation rates, debt burden, and political instability.
The initial idea for the group was conceived by a Nigerian entrepreneur, Alhaji Maitama Sule, who believed that a partnership between the private and public sectors was crucial for the economic development of the country. He shared this idea with other business leaders and government officials, and together, they formed the NESG.
The group officially came into existence on March 18, 1993, with the signing of a Memorandum of Understanding (MoU) between the Nigerian Economic Summit Group Foundation and the National Planning Commission. The MoU outlined the objectives of the group, which included promoting private sector-led economic growth, fostering dialogue between the private and public sectors, and advocating for policies that would lead to sustainable development in Nigeria.
The first NESG Annual Summit was held in 1994, with the theme 'Nigeria: The Challenge of Economic Reform - The Private Sector Response.' This summit brought together over 1,000 participants from various sectors, including government officials, business leaders, academics, and civil society organizations. The discussions at the summit focused on the economic challenges facing the country and how the private sector could contribute to finding solutions.
Since then, the NESG has organized an annual summit every year, bringing together key stakeholders to discuss and proffer solutions to the country's economic issues. The group has also expanded its activities to include the publication of policy papers, hosting policy dialogues, and providing advisory services to the government.
One of the notable achievements of the NESG is its role in the development of the National Economic Empowerment and Development Strategy (NEEDS). In 2004, the group collaborated with the Federal Government to develop this long-term development plan, which aimed to achieve sustainable economic growth and poverty reduction in Nigeria. NEEDS was later replaced by the Vision 2020 economic development plan, which was also developed with the input of the NESG.
The NESG has also been actively involved in advocacy and policy influencing, with some of its recommendations being implemented by the government. For instance, in 2017, the group proposed the establishment of a National Tax Policy to simplify the country's tax system and improve revenue generation. This recommendation was adopted by the government, resulting in the introduction of the National Tax Policy in 2019.
In recent years, the NESG has expanded its activities to include the promotion of entrepreneurship and youth empowerment. The group launched its Youth Entrepreneurship and Innovation Hub (YSNEN) in 2019, which provides training, mentorship, and access to funding for young entrepreneurs in Nigeria.
In conclusion, the establishment of the Nigeria Economic Summit Group has played a significant role in the country's economic development and policy formulation. The group has served as a bridge between the private and public sectors, promoting collaboration and dialogue for the greater good of the country. As Nigeria continues to face economic challenges, the NESG remains committed to its mission of promoting sustainable economic growth and development in the country.
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