Reform imperative: Building a prosperous & inclusive Nigeria by 2030 takes centre stage at NES31

This year, the Nigerian Economic Summit (NES) is themed with ‘Reform,’ to highlight how structural reforms can be accelerated to consolidate economic stability, foster inclusive growth, and position Nigeria to achieve its long-term development agenda.

For 31 years, the Nigerian Economic Summit Group, which organises the Summit, has brought private sector leaders and senior public sector officials to discuss and dialogue on the future of the Nigerian economy.

As Nigeria navigates an increasingly complex economic and geopolitical environment, the 31st Nigerian Economic Summit (NES #31) provides a timely platform for critical reflection, coordinated dialogue, and urgent collective action

The Nigerian Economic Summit as an annual event, brings together chief executives/top-level operators from the private sector and very senior government officials to discuss how best to develop the Nigerian economy and monitor the progress that is being made.

The Summit’s primary focus is the short to medium-term policy direction while giving priority to the national interest in the context of the evolving global economy, says NESG.

It also describes the annual Nigerian Economic Summits as a means for improving and generating better domestic policies via cooperation.

This year, starting today, it is convening national and global leaders in government, business, politics, civil society, and academia through a hybrid summit platform of in-person and virtual dialogues to deliberate on the theme ‘ Reform imperative: Building a prosperous &inclusive Nigeria by 2030.’

The five sub-themes: Driving Industrialisation-Led Growth; Unlocking Investments Amid Global Trade Shifts; Building Infrastructure for Competitiveness; Advancing Inclusion for Shared Growth; and Strengthening Institutions for Sustainable Impact, capture some of the most pressing concerns in Nigeria today, for the country’s survival now and to thrive and be relevant in the future.

These conversations aim to mobilise multisectoral action, influence public policy, and strengthen Nigeria’s capacity to deliver on its development commitments, NESG said on its website.

Niyi Yusuf, chairman of the NESG, underscored the urgency of the theme, describing it as “a reflection of where we are as a nation, and a call to action on what must be done if Nigeria is to truly prosper.”

He explained that over the past three decades, the Nigerian Economic Summit has evolved through five defining phases of Nigeria’s economy—from the pre-reform crises of the 1980s and 1990s, to the reform push of the 2000s, the traction of Vision 20:2020, and the volatility of recent years marked by recession and a pandemic.

He added that at every turning point, whether in pensions, agriculture, or energy reforms, the Summit has remained Nigeria’s foremost dialogue platform for shaping national priorities and building consensus between government and the private sector.

On the country’s current reality, Yusuf emphasised the need for a second wave of structural reforms, building on the tough policy choices already undertaken in recent years.

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The Summit seeks to:

· Forge consensus on Nigeria’s reform trajectory, balancing stability and inclusion

· Develop sector-specific reform strategies for sustainable growth;

· Galvanise stakeholder input into the National Medium-Term Development Plan (2026–2030);

· Scale subnational reform models for national adoption; and

· Strengthen public-private-development partnerships for reform delivery.

The Nigerian economy

Nigeria’s socio-economic indicators have not been impressive in the last few years. While it appears that the economy has improved, culminating in a 4.23 percent growth in the second quarter of 2025, most of it is elusive.

It is eluding a vast majority of Nigerians and has not been able to reduce poverty or lead to the creation of sufficient jobs.

Despite headline inflation slowing to 20.12 percent in August 2025 and food inflation to 21.87 percent, Nigeria still faces severe and increasing food insecurity, with 31 million people facing acute hunger, according to the World Food Programme.

Also, a November 2024 report by the NBS shows that two out of three Nigerian households are going hungry, with families skipping meals as they cannot afford enough food.

Notwithstanding the above, Nigeria as a country holds a bright prospect. Its ever-vibrant youthful population is seen as a great asset that, if well harnessed, should spur accelerated development.

It is also Africa’s most populous nation with an estimated 230 million people. The population has helped boost consumer spending and consolidated it as a strong consumer market.

The population growth rate at 2.1 percent per year could see it become the third most populous country in the world with 300 million people by 2050.

The people must be fed with staples such as rice, beans, yams, and medicines, among others, providing opportunities for food, pharmaceutical, and other companies.

However, Foreign Direct Investments to keep the population productive have been on the decline. On the bright side, portfolio investors are upbeat.
President Bola Tinubu’s recent reforms, including ending a decades-old petrol subsidy and unifying the exchange rate, which has been sluggish for about a decade, has made dollars available in the economy, exchanging for N1,475.34 per dollar, according to data from the Central Bank of Nigeria (CBN).

What happens after the summit?

After the 27th Nigerian Economic Summit, all the discussions from the Summit are curated into a compendium called – Green Book. The Green Book is presented to the Federal Executive Council for implementation via the Federal Ministry of Finance, Budget & National Planning, according to information on NESG’s website.

According to the organisation, the annual Nigerian Economic Summits have, over the years, contributed to improving domestic economic policymaking. The Nigerian Economic Summit remains a significant forum for sharing information. A substantial proportion of NES recommendations over the years have since become part of government policy, NESG says.