The incoming Chairman of the Nigerian Economic Summit Group (NESG), Mr. Omoboyede Olusanya, has called for a shift in Nigeria’s economic priorities from headline growth figures to measurable improvements in employment, productivity, incomes and living standards.
Olusanya said economic growth must translate into better livelihoods and expanded opportunities for Nigerians, stressing that macroeconomic stability alone was insufficient to guarantee shared prosperity.
He made the call while outlining his vision for the NESG at the closing of the 32nd Nigerian Economic Summit (NES#32), held at the Transcorp Hilton Hotel, Abuja.
Speaking under the theme, “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity,” the incoming chairman introduced “Growth that Delivers” as the guiding principle of his tenure.
He said the country’s economic progress should be assessed by the extent to which farmers earn more from improved productivity, manufacturers reduce production costs, graduates secure decent jobs and businesses access affordable financing.
According to him, children must also have access to adequate nutrition and healthcare to enable them to thrive. “Growth that delivers is growth whose impact is strongly felt,” he said.
Olusanya acknowledged that recent economic reforms had helped restore macroeconomic stability but maintained that the country must move beyond stabilisation to accelerate productivity, expand productive investments, reduce poverty and improve the welfare of citizens.
“Bridging the distance between macroeconomic stability and accelerated growth, and between accelerated growth and improved lives and livelihoods, is the task before us all,” he stated.
To achieve this, he outlined five commitments that would guide the NESG’s activities during his tenure.
These include accountability, evidence-based policymaking, investment mobilisation, expansion of economic opportunities and institutional sustainability.
On accountability, Olusanya pledged to ensure that every priority commitment emerging from the summit has a designated owner, timeline and measurable performance indicators.
He said the group would build on its Accountability Framework and publish progress reports ahead of the 33rd Nigerian Economic Summit.
On evidence-based policymaking, he promised to strengthen research and policy intelligence to develop practical, rigorous and costed recommendations aligned with the National Development Plan 2026–2030.
He also pledged to work with government, financial institutions and development partners to transform policy proposals into bankable projects and mobilise investments into agriculture, manufacturing, infrastructure, technology, entrepreneurship and skills development.
The incoming chairman further emphasised the need to expand economic opportunities across all regions, particularly for micro, small and medium enterprises and businesses operating within the informal economy.
He said the NESG would also broaden its membership, increase the participation of women and young people, protect its independence and strengthen its institutional sustainability.
Calling for collective action, Olusanya urged governments at all levels to sustain and improve ongoing reforms, reduce the costs of electricity, logistics and doing business, and maintain predictable policies supported by clear and measurable commitments.
He challenged private-sector operators to invest, innovate, develop workforce skills, pay fair wages and create productive employment opportunities.
He also urged young Nigerians to build enterprises, acquire relevant skills and hold institutions accountable, while encouraging civil society organisations to monitor policy commitments and amplify the voices of underserved communities.
Olusanya called on development partners to align their interventions with Nigeria’s priorities and focus on financing measurable outcomes.
He equally advocated stronger trade and investment relations with the international community and closer collaboration among academia, industry and policymakers to equip Nigerians with relevant skills for the changing economy.
Acknowledging the contributions of the outgoing NESG Chairman, Mr Niyi Yusuf, Olusanya commended his leadership during a period of economic transition and reforms.
He described the leadership transition as a continuation of the organisation’s longstanding mission, which began in 1993.
He reaffirmed the NESG’s commitment to remaining an independent, non-partisan, private-sector-led and evidence-driven organisation that engages constructively with government to advance national prosperity.
“Our allegiance is to national prosperity and not to any administration,” he said, emphasising the importance of sustained public-private sector collaboration in building a stronger Nigerian economy.
Olusanya thanked the NESG Board, members, Chief Executive Officer, Dr Tayo Aduloju, management, staff, volunteers, sponsors, partners and delegates for their contributions to the successful hosting of the summit.
He urged stakeholders to translate the discussions and recommendations from the summit into concrete actions, stressing that delivering economic prosperity required shared responsibility among government, businesses and citizens.
“Growth that works must become growth that delivers. Let us deliver,” he said.