25Th Nigerian Economic Summit Report 1580725220.Pdf

25Th Nigerian Economic Summit Report 1580725220.Pdf

25TH NIGERIAN ECONOMIC SUMMIT ANNIVERSARY REPORT THEME: 1 TWENTY-FIFTH NIGERIAN ECONOMIC SUMMIT ANNIVERSARY REPORT Visit www.nesgroup.org/greenbook to read for free. 2 Report of the 25TH NIGERIAN ECONOMIC SUMMIT NIGERIA 2050: SHIFTING GEARS The 25th Nigerian Economic Summit NES #25 took place from 7th-8th October 2019, at the Congress Hall of the Transcorp Hilton, Abuja. NES #25 was jointly organised by the Nigerian Economic Summit Group (NESG), and the Ministry of Finance, Budget and National Planning (MFBNP). c The Nigerian Economic Summit Group Ltd/Gte 2019 3 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, without the prior permission of the Nigerian Economic Summit Group. Enquiries concerning the above and other requests may be addressed to: The Nigerian Economic Summit Group The Summit House, 6 Oba Elegushi Close, Off Oba Adeyinka Oyekan Avenue, Ikoyi, Lagos, Nigeria. Abuja Liaison Office: 4th Floor, Unity Bank Tower, Beside Reinsurance building Plot 785, Herbert Macaulay Way, Central Business District, Abuja DISCLAIMER This document is issued by the Nigerian Economic Summit Group Limited by Guarantee (NESG), for information purposes only and should not be construed in any circumstances otherwise. This document is based upon information from various sources that we believe are reliable. However, no representation is made concerning its accuracy, reasonableness or completeness. Neither the NESG nor its patrons, directors, employees or any of its affiliates accept any liability for any loss arising from any use of this document or its contents. This document should not be used as a substitution for exercising independent judgment and has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. This document includes certain statements, estimates and projections with respect to the future performance of macroeconomic variables. Such statements, estimates and projections may reflect various assumptions concerning anticipated economic developments that have not been indep ndently verified. By receiving this document, you will not be deemed a client/member or provided with the protection afforded to clients/members of the NESG. When distributing this document, NESG is not acting on behalf of any recipient of this document and will not be responsible for providing advice to any recipient in relation to this document. The information contained herein is confidential and is solely for the use of those persons to whom it has been addressed. The information contained is not intended for distribution to the general public and may not be disclosed, reproduced, redistributed or published in whole or in part for any purpose without the written permission of the NESG. Neither the NESG nor its patrons, directors, employees, affiliates accept any liability whatsoever for the actions of third parties in this respect. Neither the NESG nor its patrons, directors, employees or any of its affiliates accept any liability whatsoever for any direct or indirect loss arising from the use of this document. Neither this report nor any copy or part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this report comes should inform themselves about, and observe any such restrictions. The NESG, its patrons, directors, employees or any of its affiliates may have or may have had interest in any of the companies, sectors and/or government agencies contained herein. Directors and employees of NESG or its affiliates may serve or may have served as officers or directors of the companies and/or government agencies contained herein. The analyst(s) who prepared this research report hereby certifies(y) that (1) all of the views and opinions expressed in the research report accurately reflects the analyst’s(s’) personal views about the subject and (2) no part of the analyst’s(s’) compensation was, is or will be directly related to the specific recommendations or views expressed by the analyst(s) in this research report. 4 CONTENTS SECTION A List of Abbreviations 8 SUMMARY Nigerian Economic Summit 2019 13 Big Picture 16-17 Competitive Industries 17 -18 Unlocking Nigeria’s Agriculture and Nutrition Potentials 17 Driving Future Growth Though Innovation and Pragmatic Solutions in Manufacturing 18 Facilitating a National ICT Transformation 19 Deepening the Intermediation Role of Financial Services 20 Sustaining the Rise of Our Creativepreneuers 21 Rethinking the Future of Extractives 21 Accelerators of Growth 22-27 Macroeconomic Stability 23 Human Capital and Productivity 23 Investments 24 Technology and Innovation 24 Infrastructure 24 Regulations 25 Reinventing Government 25 Trade & Export Promotion 25 Sanctity of Contracts 26 Business Leadership 26 Data 26 Market Efficiency 27 Agenda Pillars 27-28 Delivering a legislative Agenda for a Competitive Private Sector Economy 27 Promoting Sub-National Competitiveness 28 Financing the Future 28 Incentivizing Private Investments in Research and Development 28 Bridging Nigeria’s Electricity Deficit 29 Unlocking Growth in New Industries: A Focus on the Sports Industry 29 Empowering Nigerian Women 30 Capitalizing on Opportunities in AfCFTA 30 Building Sustainable Urban and Rural Cities 31 Unleashing Nigeria’s Entrepreneurs 31 Humanitarian-Development-Peace Nexus: The Investment Piece 31 Risks and Opportunities in Climate Change 32 In Conclusion: A Shared Prosperity 33 SECTION B: 2050 Socio - Economic Scenario For Nigeria 34 - 41 Background and Context Setting 35 Priority Sectors/Areas Identified 36 Underlying Considerations for the Scenarios 36 Date & Methodology 37 Result 38 5 SECTION C DAY 1 MONDAY OCTOBER 7, 2019 Welcome Statement: 43 Mr. Asue Ighodalo – Chairman, Nigerian Economic Summit Group Opening Remarks: 45 Mrs. Zainab Ahmed – Minister for Finance, Budget and National Planning Poem Presentation – Nigeria in 2050: 47 Amina Iro – “Home” Summit Opening Address: 48 His Excellency, Muhammadu Buhari, GCFR, President of the Federal Republic of Nigeria Plenary I – II 49 –61 Plenary I: Competing with the Giants 49 Plenary II: Nigeria in 2050: Boom or Bust? 56 Design Workshop I – V 62 – 80 Macroeconomic Stability 62 Human Capital & Productivity 66 Investments 70 Technology & Innovation 74 Regulations 78 Parallel Roundtables: 81-106 Roundtable on a Legislative Agenda for a Competitive Private Sector Economy 81 NESG/NGF Economic Roundtable 85 Nigerian Triple Helix Roundtable 90 Nigerian Renewable Energy Roundtable (NiRER) 94 NESG Fiscal Policy Roundtable 98 NESG Eminent Focal Group on Sports Business Roundtable 102 25th NES Anniversary Lecture 107-111 DAY 2 TUESDAY OCTOBER 8, 2019 Industry Breakfast Meetings I – VI 113-141 Agriculture 113 Manufacturing 118 Information Communication Technology 123 Financial Services 128 Creative Industry 133 Extractive Industry 137 Plenary III: “Leadership in 2050: Sharing Insights with Nigeria’s Emerging Leaders” 143-146 Design Workshops 147-169 Re-inventing Government 147 Trade & Export Promotion 151 Sanctity of Contracts 155 Business Leadership 159 Data 163 Market Efficiency 167 6 Plenary IV: Shared Prosperity 170-175 Lunch Sessions 176-200 Lunch Session on Gender 176 Lunch Session on African Continental Free Trade Area (AfCFTA) 180 Lunch Session on Urbanization 186 Lunch Session on Humanitarian Development Peace Nexus (HDPN) 190 Lunch Session on MSMEs 194 Lunch Session on Climate Change 197 Summit Closing 201-205 APPENDICES 201 Summit Agenda 25th NES Anniversary Dinner 25th NES Lists of Committees 25th NES Lists of Rapporteurs 2050: Nigeria of our Dreams Art Contest Index Summit Sponsors 7 LIST OF ABBREVIATIONS 3IR Third Industrial Revolution EFCC Economic and Financial Crimes Commission 3D Three Dimensional EU European Union 4IR Fourth Industrial Revolution EY Ernst & Young ACE Awareness, Compliance and Enforcement FAAN Federal Airports Authority of Nigeria ADR Alternative Dispute Resolution FBN First Bank of Nigeria AfCFTA Africa Continental Free Trade Area/ FCCPC (Act) Federal Competition and Consumer Agreement Protection Act AfDB African Development Bank FCT Federal Capital Territory AI Artificial Intelligence FDI Foreign Direct Investment AIDS Acquired Immunodeficiency FEC Federal Executive Council Syndrome FGN Federal Government of Nigeria ALTON Association of Licensed Telecom Operators of Nigeria FinTech Financial Technology ANED Association of Nigerian Electricity FIRS Federal Inland Revenue Service Distributors FiTs Flexible Image Transport System APP The Agriculture Promotion Policy FME Federal Ministry of Education (2016 – 2020) ATA The Agricultural Transformation FMFBNP Federal Ministry of Finance, Budget Agenda (2011 – 2015) and National Planning ATCON Association of Telecommunications FMITI Federal Ministry of Industry, Trade and Companies of Nigeria Investment BPE Bureau of Public Enterprise FMLE Federal Ministry of Labour and Employment BPSR Bureau of Public Service Reforms FMoC Federal Ministry of Communications BREXIT Britain Exit (Withdrawal of United FMoE Federal Ministry of Education Kingdom from European Union) BVN Bank Verification Number FMoT Federal Ministry of Transport CBN Central Bank of Nigeria FMPR Federal Ministry of Petroleum Resources CEO Chief Executive Officer FMW&H Federal Ministry of Works and CGE Computable General Equilibrium Housing CNG Compressed Natural Gas FMWA Federal Ministry of Women Affairs COBOL Common Business

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