The 18th Nigerian Economic Summit

Structure

• Presidential Policy Dialogue with Global CEOs
• Session on Nigeria’s place in the global economy
• Session on Nigeria’s economic and Investment Agenda
• State Presentations By Governors
• Sectoral Presentations By Cabinet Ministers

  • Day 3: 5th December, 2012

    PLENARY VI – EMERGING LEADERS FORUM: A CONVERSATION WITH YOUNG NIGERIANS ON THE STATE OF THE NATION

    Nigeria's development cannot be discussed in isolation of its youth population which makes up 70 percent of its entire populace. The IMF rates Nigeria's economy as the 12th fastest growing economy in the world with GDP growth rates fluctuating between 7.5% and 6.5% during the period 2007- 2012 according to Nigeria's National Bureau of Statistics. Overall unemployment remains high at 23.9% affecting mostly the youth while the poverty level has deteriorated from 54.7% in 2004 to 60.9% in 2010. These factors question the progress, quality and implementation of Nigeria's development policies over the years.

    In this forum, Nigerian youth will share their experiences on the complex economic and social issues which they contend with in the course of daily life, the innovative ways in which some have dealt with the prevailing situation and their expectations for a better future.

    FINANCIAL REGULATORS FORUM“ACHIEVING FINANCIAL INCLUSION IN NIGERIA

    One of the major challenges of the Nigerian economy in recent times, in spite of robust GDP growth is the recurring syndrome of 'growth without jobs and absence of visible improvements in the quality of life of citizens. This has been partly due to the exclusion of a large informal sector from the reformed financial system thereby constricting the growth opportunities and development impact of Small and Micro Enterprises. The large population of the active poor also represents potential growth and development trigger if they have access to affordable finance. The financial regulators forum at the 18th NES will provide updates on the progress of these efforts and reforms in the banking, insurance, pensions and capital market towards financial inclusion.

    The session will seek to provide clarity on the value and uses of Nigeria's burgeoning pension assets and suggest critical economic sectors which could benefit from investments of pension funds. As global economic recovery remains sluggish and unpredictable, participants will be keen to know the strategies which regulators have put in place to manage the potentially adverse spill-over effects on Nigeria's largely mono-economy given its large trade and import dependencies on Europe, America and Asia.

    PRESENTATION OF SUMMIT SUMMARY TO PRESIDENT GOODLUCK JONATHAN

  • Day 2: 4th December, 2012

    PLENARY III – THE PIB AND THE FUTURE OF NIGERIA'S OIL INDUSTRY

    The Local Content Act of 2011 and the Petroleum Industry Bill were conceived to underpin the most comprehensive reforms in Nigeria's oil and gas sector in 50 years of oil exploration activities. However, through the 6th and now the 7th National Assembly, the PIB remains mired in controversy. There is no certainty on when it may eventually pass or what it may contain when it is passed. Old and new investors in the sector have been cautious, expressing concern over some of the provisions of the PIB, considered uncompetitive in a global context and the delay in the passage of the bill.

    Some have either divested or withheld investments.  It is believed that Nigeria may have lost significant investments in the sector over the past 5 years already due to all the uncertainties, delaying development of new fields and constraining urgent institutional reforms.

    During this plenary, stakeholders will be encouraged to discuss contentious aspects of the PIB, harmonize expectations and convergence of views on strategy for speedy passage of the PIB which will enhance the competitiveness of Nigeria's oil and gas industry.

    What are the implications of this state of affairs for Nigeria's economy given that over 90% of government's annual revenues come from oil? How competitive is Nigeria's oil sector?

    PLENARY IV – LEGISLATORS' FORUM: THE LEGAL AND LEGISLATIVE ISSUES AROUND DEREGULATION

     The Legislators forum at the 18th summit holds special significance, having been conceptualized to encourage conversation between the legislators, the executive and business leaders on the need to promote synergy and cooperation amongst themselves, the institutions they represent and the populace, irrespective of party and or political affiliations.  This will in our view promote faster development, peaceful co-existence and foster a more positive perception of government at large.

     “The Legislative Power is the heart of the State, the Executive Power is its brain, which causes the movements of all its Parts. The Brain may become paralyzed and the individual is still alive. A man may remain an imbecile and live, but as soon as the heart ceases to perform its function the animal is dead.”

    The above quote by Jean Jacques Rousseau underscores the critical role of the Legislature in a democracy. The Legislator's Forum on “The Legal and Legislative Issues around Deregulation” therefore underscores our commitment to continue to engage our elected representatives on the important role they have to play in the socio-economic transformation of Nigeria. We clearly understand that no matter how well thought through any policy may be, the executive may not be able to implement such a policy outside the ambit of existing laws or the establishment of a legal foundation for the policy by the legislature or indeed their political support even where the enabling law exists.

     The sub-theme of the Legislators forum therefore recognizes that whereas the economic consideration for the deregulation of the Nigerian economy may not be in doubt, the legal and legislative issues around the policy must be addressed and established by the legislature and the executive in order for its implementation to be successful. This was the foundation of the success of the deregulated sectors of banking, telecoms and aviation.

     The 18th NES will vigorously canvass the full deregulation of the remaining critical sectors such as oil and gas, infrastructure, power in order to promote rapid economic development, reduce rent seeking and patronage, all of which underpin arbitrariness and corruption in Nigeria.

     

    PLENARY V – CIVIL SOCIETY FORUM

     

    The voice of civil society has become increasingly prominent in the economic and political governance of most societies, including Nigeria. Through the various platforms created by civil society, a new consciousness has been created amongst citizens to demand equity, transparency, good governance and accountability from government, business and other non-state actors. However the work of civil society is significantly challenged by lack of knowledge, poor organization, poor resource mobilization and weak research support.

     

    The Civil Society Forum at the 18th Summit is conceptualized as a rallying call to enable  actors in the disparate cells of the civil society community  meet and know each other, discuss strategies for mitigating the challenges which constrain their effectiveness and seek to build  consensus on a strategy for a collaborative framework for engaging each other and through which the community can engage government or businesses. Such a framework is expected to provide learning opportunity within the community, enhance better resource management and provide a united platform for improved advocacy outcomes especially on critical policy issues which have profound impacts on the citizens.

  • Day 1: 3rd December, 2012

    Welcome Address by Chairman, Board of the NESG, Mr. Foluso Phillips

    Update on the Transformation Agenda by the Minister for National Planning, Dr. Shamsudeen Usman

    Keynote on Economic Transformation through Deregulation by HE, Shaukat Aziz, former Prime Minister of Pakistan.

    20 minute Documentary on Nigeria: The State of the Nation

    Plenary I - Presidential Policy Dialogue

    The Presidential Dialogue led by President Goodluck Jonathan will continue the frank and open interaction between the highest level of political leadership in Nigeria, business leaders and the citizens; which began with NES #16. This dialogue will provide an opportunity for the Federal Government to provide update on key elements of the Transformation Agenda, particularly its efforts at deregulation, reduction in cost of governance, infrastructure improvements and security; while the private sector will provide their perspectives on the state of our nation and their practical efforts to advance Nigeria's economic development.

    PLENARY II – ECONOMIC TRANSFORMATION THROUGH DEREGULATION

     Most successful economies have followed the path of deregulation as a means of promoting private enterprise and rapidly growing critical economic sectors.  Recent success stories include East Asia, Latin America and communist countries of former Eastern Europe. Governments in these countries successfully removed regulations that restricted competition in key sectors – prior efforts to control economic activities created inefficiencies; stifled innovation and concentrated decision-making within largely unaccountable and over-bloated bureaucracies, which increased potential for corruption.

    This session will facilitate experience sharing of success stories and also seek to address the following issues:

    • An understanding of the central idea of deregulation and its misinterpretations
    • The role of strong and effective regulatory environments

    • Challenges/pitfalls of deregulation

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