Economy

8 Functions Of Nigerian Economic Summit Group

The Nigerian Economic Summit Group remained a nonprofit organization. It is an independent, non-partisan body, which has provided a platform for private sector and public sector to dialogue, with a focus on the sustainable economic development of Nigeria.
Through the positive  impact that the Nigerian Economic Summit Group had gotten on public policy, and objective research, as well as its yearly economic summits, etc., the Nigerian Economic Summit Group has indeed, succeeded in helping to create a conducive and enabling environment for responsible private investment and good governance in Nigeria.
Over the years, the Nigerian Economic Summit Group has sought to ensure that, it initiates robust conversations with a view to make sure that, appropriate economic framework is accentuated in order to uncover opportunities, increase productivity and employment.
8 Functions Of Nigerian Economic Summit Group
Nigerian Economic Summit Group – Photo Source: https://sundiatapost.com
The purpose of such conversation was to look at what could be responsible for national job deficits in the country, and a possible way of making sure that, the national framework is provided, as well as, defining same reviewed framework for the purpose of exploring economic opportunities that have existed in most of the priority industries in the country.
The purpose was also to leverage the entrepreneurial development in Nigeria as one of the key drivers of productivity, once the reviewed framework for innovation and entrepreneurship might have been set up.
The nonpartisan body also provided policy linkages between economic opportunities and that of skills, including competencies, and the appropriate education pipeline, expected to deliver these and explore some strategic investment options and frameworks and models and business cases for the purpose of unlocking capital flows that normally create employment..

Its Functions

The Nigerian Economic Summit Group was established with a number of functions to help drives the body to its goals. In this article, I am going to share with you some of these functions. Here we go!

1. The Nigerian Economic Summit Group Provides Infrastructure Logistics

One of the functions of the Nigerian Economic Summit Group was to provide infrastructure. Durable infrastructures are economic development enablers in any society, and so, the Nigerian society was not exempted.
For example, considering transportation and road infrastructures, these were very important, since they are economic development enablers.
Developing these infrastructures remained vital enablers for Nigeria’s economic growth and development. Therefore, the Nigerian Economic Summit Group has worked with a view to drive this development in order to create jobs plus opportunities. The improvement of goods and services delivery remained part of the its function.

2. The Nigerian Economic Summit Group Establishes Manufacturing Sector

Another function of the Nigerian Economic Summit Group was in the area of taking into consideration the establishment of manufacturing sector that was to be of high quality.
From its estimation however, the sector was expected to contribute at least thirty percent of Gross Domestic Product GDP, if the sector could be well developed. This was considered very crucial, if the Nigerian Economic Group was to achieved its objectives.

3. The Nigerian Economic Summit Group Invests In Renewable Energy

The Nigerian Economic Summit Group also made investment in renewable energy. Findings have however, proven that the strongest and perhaps, the most supply or delivery of power is the renewable energy.
This directly underscored the determination of the Nigerian Economic Summit Group to invest maximally in renewable energy with a view to boost efficient power delivery.
Nonetheless, there is high impact created by the Nigerian Economic Summit Group in this regard, which has resulted in the current high impact opportunities for job creation and wealth creation and investments. This has been one of the functions of the Nigerian Economic Summit Group.

4. The Nigerian Economic Summit Group Addresses The Problem Of High Costs Of Houses

The Nigerian Economic Summit Group is also saddling with the responsibility of ensuring that the problem of high costs of houses is addressed in Nigeria.
The Nigerian Economic Summit Group believed in mass and low income housing, that is why, it has worked to actualize this.
Across Nigeria, there is high costs of housing as well as, high level of homelessness among Nigerian citizens, this of course, has defined the dexterity of the Nigerian Economic Summit Group to a look at the huge opportunities for low income housing, as well as, the potential for low-income housing in Nigeria, for low income earners.
The Nigerian Economic Summit Group has seen the needs to address this anomalies, especially in the urban centers and mega-cities in the country.
The Nigerian Economic Summit Group is setting the ball rolling by ensuring that, low income housing or affordable homes are built for those members of the society, who fall among low income earners in the country.

5. The Nigerian Economic Summit Group Promotes Investment Policy In Agribusinesses

The truth remained that Nigeria is an agriculture-based nation. So much money can be unlocked in agricultural financing in Nigeria.
That is why, the expectations are that, if the Nigerian Economic Summit Group can promote investment and infrastructure policies, that can help in enriching and empowering agribusinesses, as well as, generating value.

6. The Nigerian Economic Summit Group Creates Youth Employment

Creative industry, for sometimes now, has not been apportioned credit to. However, there is no gainsaying that the entertainment industry in Nigeria is one industry that has create employment for Nigerian youths and cultivate value.
Going by this, the Nigerian Economic Summit Group is promoting this industry with a view to create employment for Nigerian youths.

7. The Nigerian Economic Summit Group Promotes Small And Medium Scale Businesses

Another function of the Nigerian Economic Summit Group is that, it supports, assists and promotes small and medium scale businesses in Nigeria.
Through this, it has contributed greatly to Nigeria’s GDP. Greater attention has been paid to this sector in order to promote business agenda in the country.

8. The Nigerian Economic Summit Group Provides Helpful Knowledge And Training In Ict

There is absolutely need for Nigeria to meet up with other industrial revolutionized countries in African, such as South Africa and Kenya and Ghana as well as Egypt, through industrial revolution digitization.
The Nigeria’s ICT sector has over the years experienced growth, as a result of the steady increase of internet users in the country.
To foster relationships with say, Google and other international resources, the Nigerian Economic Summit Group has taken it upon itself to make provision for helpful knowledge as well as, training Nigerian youths in ICT.

Conclusion

Over the years, the Nigerian Economic Summit Group has sought to ensure that, it initiates robust conversations with a view to make sure that, appropriate economic framework is accentuated in order to uncover opportunities, increase productivity and employment.

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Joseph Athanasius

Joseph Athanasius is a Content Developer at InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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