NESG says High-growth sector financing key to sustainable development in Nigeria

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By Somtochukwu Okonkwo

The Nigerian Economic Summit Group (NESG) has tasked the government to mobilize finance in high-growth sectors, as a vital step towards achieving sustainable development in Nigeria.

The Group, whose 29th economic summit (NES 29), scheduled for October 23 -24, 2023 will be spotlighting the subject as a sub-theme, said sustainable development requires deepening national financial systems through facilitation and mediation of innovative sources such as private equity, development finance, digital financial inclusion and microfinance.

“Efforts should focus on domestic revenue mobilsation by expanding the tax net and improving collection efficiency, promoting broad-based investment, packaging, onboarding, and retention of both domestic and foreign direct investments in critical high-growth sectors,” said Dr. Olusegun Omisakin, Director of Research, NESG.

He added that Nigeria can leverage a compelling portfolio of competitive investment-grade projects and social investment programmes to access and deploy financial resources in support of sustainable development initiatives.

According to Dr. Omisakin, “Promoting innovative financing mechanisms, strengthening public and private financial institutions, and enhancing public-private partnerships are essential for mobilising the necessary funds. Hence, it is crucial to shift Nigeria from a predominantly government-led funding approach to a private sector-led investment-driven economy, while also improving transparency, efficiency, and accountability in public revenue and expenditure.”

Recently, the NESG announced it will anchor its 29th summit on ‘Pathways for Sustainable Economic Transformation and Inclusion’, in light of the urgency of translating economic growth into improved and sustainable living standards for all citizens.
This year’s summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development.

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