NESG sets reform priorities for FG ahead of 31st economic summit

The Nigeria Economic Summit Group (NESG) has said Nigeria must embark on a second wave of reforms to consolidate on the gains of fuel subsidy removal and foreign exchange harmonisation.

NESG Chairman, Niyi Yusuf, disclosed this at a joint press conference between the group and the Federal Ministry of Budget and Economic Planning in Lagos on Tuesday, August 19, 2025.

The press conference kicked off preparations for the 31st instalment of NESG's annual summit (NES#31), scheduled to be held from 6th to 8th October 2025 at the Transcorp Hilton Hotel, Abuja, with the theme 'The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030.'

Yusuf said that, while the Nigerian economy has stabilised as confirmed by institutions, including the World Bank and International Monetary Fund (IMF), the Federal Government must embrace a new wave of bold and structural reforms to ensure sustainable growth and prosperity.

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He explained that the removal of fuel subsidies and the harmonisation of foreign exchange had narrowed fiscal deficits. Still, he encouraged the current administration to see these measures as the starting point, and not the destination.

“The reforms of 2023 and 2024 gave us breathing space, but they will not, on their own, deliver the Nigeria we envision by 2030. What is required now is a second wave of reforms—structural, deliberate, and transformative—that move us from crisis management to long-term nation building.

"The new Tax Acts that will come into effect in 2026 are a good start and this is why The Reform Imperative is not a choice, but a necessity,” Yusuf stated.

The Chairman noted that over the past three decades, the NESG had leveraged evidence-based dialogue to influence landmark policies in pensions, telecommunications, agriculture and energy, while also providing the blueprint for Nigeria’s recovery from the 2016 recession.

He further stated that NES#31 is built around five sub-themes - industrialisation-led growth to reduce dependence on imports, and building critical infrastructure such as power, transport, broadband and logistics, which he described as the backbone of productivity.

Yusuf highlighted the other themes as advancing inclusion to ensure that women, youth, small businesses and underserved communities benefit from reforms; strengthening institutions through good governance, policy continuity and rule of law; and unlocking investment opportunities amid global trade shifts and AfCFTA integration.

“These five priorities will be anchored on reforms, resilience and results,” he said.

He added that the summit would bring together policymakers, private sector leaders, development partners and civil society to chart practical pathways for inclusive growth.

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The Chairman warned that the government must treat the current reforms as the foundation for building a resilient, productive and globally competitive economy or risk sliding back into fragility if it treats them as an end.

“The Reform Imperative is not about tomorrow; it is about the choices we make today. Together, let us build a prosperous and inclusive Nigeria by 2030,” he added.

For his part, the Chief Executive Officer (CEO) of the NESG, Tayo Aduloju, highlighted the impactful contributions of previous summits, stating that this year’s edition would focus on addressing the critical reforms needed to drive inclusive growth in the country.

He explained that the theme was drawn from Nigeria’s economic realities in the past five years, stressing that reform was no longer a choice but a necessity.

The CEO noted that the dialogues from previous summits have influenced reforms that transformed the pension and agriculture sectors, provided blueprints during economic recessions, and have been instrumental in fostering policy innovation, as well as strengthening public-private partnerships (PPP) and deepening collaborative nation-building.

“How do you grow an economy? You grow an economy by expanding investment, expanding government expenditure, expanding consumption, while creating a trade surplus, exporting more than you are importing. That is what creates jobs,” he said.

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According to Aduloju, the dialogue sessions at the summit would provide opportunities to share practical insights and strategies that could unlock growth, boost competitiveness, and ensure inclusive prosperity for all Nigerians.