The Nigerian Economic Summit Group has urged the government to mobilise finance in high-growth sectors, which would likely ensure sustainable development in Nigeria.
In the statement on Monday, Director of Research, NESG, Dr Olusegun Omisakin, was quoted as saying, “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.”
He also noted that Nigeria could leverage a portfolio of competitive investment-grade projects and social investment programmes to access and utilise financial resources in support of sustainable development initiatives.
Omisakin said, “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.”
The group, which recently announced its 29th economic summit (NES 29), scheduled for October 23 -24, 2023, noted that sustainable development required deepening national financial systems via facilitating and mediating innovative sources, including private equity, development finance, digital financial inclusion, and microfinance.
It added, “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.”