2023: Nigeria’s Economic Summit and Policy Directions

By Rachael Abayomi

In October 2023, Nigeria held its 29th Annual Economic Summit (NES#29) in Abuja, bringing together government leaders, business figures, and policymakers to chart the country’s economic path.

The summit’s theme – “Pathways to Sustainable Economic Transformation and Inclusion” – underscored a commitment to growth that benefits all segments of society. This reflected broad concerns about Nigeria’s economic challenges: high poverty and unemployment, income inequality, and the need to turn GDP growth into actual improvements in living standards.

NES organizers highlighted stark realities: by 2022, an estimated 62.9% of Nigerians lived in multidimensional poverty, threatening the emergence of a strong middle class. In that context, the summit aimed to promote an agenda of inclusive growth, resilient institutions, and strategic investment.

Main themes: The summit agenda revolved around three intertwined pillars:

Inclusive Growth: Participants emphasized that growth must translate into jobs and higher incomes for ordinary citizens. The NESG (Economic Summit Group) noted Nigeria’s need to “turn growth into enduring and improved living standards for all”.

Sessions focused on financing high-growth sectors (like agriculture, manufacturing, and technology) and expanding the tax base. For example, NESG economists urged mobilizing finance into priority industries via innovative financing – e.g. private equity, development funds, digital financial inclusion and microfinance – to reach underfunded areas. They argued that moving Nigeria from a “government-led” to a private sector-led, investment-driven economy was essential.

Related topics included tax reform to boost domestic revenue collection and improve accountability, as highlighted in IMF consultations earlier in the year.

Digital Economy and Innovation: A strong undercurrent of the summit was the role of technology and digital infrastructure in fostering transformation. Delegates discussed expanding digital public infrastructure (DPI) – such as e-payment systems, broadband connectivity, and digital IDs – to integrate more Nigerians into the formal economy.

Dr. Bosun Tijani, Nigeria’s Minister of Communications and Digital Economy, chaired a summit breakfast on building a robust digital economy. He and others stressed that technological advancements offer “glimpses of what can be achieved with proper mechanisms,” and that Nigeria’s young population is primed to drive a tech-led leap forward. A central idea was that, much like physical highways, digital networks (e.g. national broadband, payment rails) are critical public goods.

Initiatives such as the 3 Million Technical Talent program – which drew hundreds of thousands of ICT trainees this year – were cited as examples of harnessing innovation and skills development to boost GDP. The summit also looked at regulations to support fintech growth and data-driven governance.

Infrastructure and Human Capital: Recognizing long-standing infrastructure deficits, discussions focused on accelerating investments in power, transport, and social infrastructure. The summit’s literature highlighted “strategic infrastructural investments” and human capital development as keys to sustainable development. This included debates on reforming the power sector to ensure reliable electricity for businesses, improving roads to reduce logistics costs, and boosting school and healthcare spending.

Stakeholders noted that high-quality infrastructure not only drives productivity but also attracts private investment. Education and skills training were also central: experts pointed out that with proper schooling and vocational training, Nigeria’s large youth cohort could become a catalyst for growth (rather than a drag of unemployment). In sum, summit speakers saw infrastructure as both an enabler and an outcome of a robust economy.

Policy declarations: While the summit itself does not enact laws, it served as a platform for policy thinking. The Nigerian Economic Summit Group (a private-sector think tank) released statements and “Green Book” recommendations aligning with the summit themes. For example, NESG research director Dr. Olusegun Omisakin urged the government to expand Nigeria’s tax net and improve efficiency to fund development.

The summit narrative explicitly linked back to the administration’s “8-point agenda” – including fiscal reforms, diversification and human development – expressing cautious optimism that these policies, if fully implemented, could raise growth to ~2.9% annually by 2025 (World Bank forecast).

There were calls for new initiatives too: proposals were aired to unlock underused public assets, accelerate public-private partnerships, and adopt climate-smart agriculture. On digital policy, the idea of a centralized DPI was floated (to avoid fragmented platforms), reflecting insights shared by tech ministers and foreign partners.

Outcomes and implications: NES#29 culminated not in concrete laws but in a collective vision and a series of “strategic roadmaps.” The summit’s emphasis on inclusion and transformation signaled that Nigeria’s leaders were (at least rhetorically) aware of the need for deep, broad-based reforms. By spotlighting high-growth sector financing and digital economy, the summit indicated where private and public investment should flow.

Key implications include:
Stronger Reform Mandate: The summit reinforced the reform agenda set by the new government (fuel subsidy removal, FX liberalization, banking recapitalization) by framing them as steps toward inclusive prosperity. It implicitly endorsed continuing those reforms to mobilize resources for development.

Investment Confidence: Bringing global and domestic leaders together (the event included international development partners) helped project a narrative of policy continuity and seriousness. This may bolster investor confidence, especially if follow-through is clear. The focus on long-term planning (e.g., “Pathways to 2030”) suggests an attempt to align stakeholders around Nigeria’s Vision 2050 growth target.

Challenges to Address: Several speakers noted ongoing hurdles: insecurity, low power availability, and bureaucratic red tape. They stressed that without tackling these, even bold policies might underperform. By naming them explicitly, NES raised awareness and put pressure on agencies to act.

Key takeaways: The 2023 Economic Summit highlighted that Nigeria’s prosperity depends on transforming its growth model. Some of the summit’s key points were:
Broad-based growth strategy: Achieving sustainable transformation will require investing in infrastructure and people – not just boosting headline GDP figures Economic gains must reach rural and urban poor alike, via jobs and services.

Digital inclusion: Building Nigeria’s digital economy (internet access, fintech, e-government) is seen as a force multiplier. Enhanced DPI and tech skills are critical enablers of innovation and efficiency.

Financing reforms: To fund all this, Nigeria must reform its financial and tax systems. Stakeholders called for mobilizing domestic resources (broadening taxes, encouraging private equity, deeper capital markets) to finance high-impact sectors.

Private-sector leadership: The need for a “private sector-led investment-driven economy” was a recurrent message. The summit underscored that the government must create an enabling environment (stable macroeconomy, rule of law) while the private sector drives actual investment and innovation.

Commitment to inclusivity: Finally, the summit’s very theme – linking transformation with inclusion – signaled that new policies (energy, fiscal, digital) should consciously aim to reduce poverty and inequality.

In summary, NES#29 served as a clarion call: Nigeria must harness the momentum of reform and technological change to chart a more prosperous, equitable future. The ideas exchanged – from tapping fintech to financing roads – mapped out a comprehensive agenda. Whether policy-makers will follow through on this vision remains to be seen, but the summit’s conclusions give a clear signal of Nigeria’s strategic direction and the critical role of inclusive policies in that journey.