Osinbajo to NESG: Economic summit should focus on inflation, exchange rate control

Vice-President Yemi Osinbajo has asked the Nigerian Economic Summit Group (NESG) to focus on pressing national issues at its upcoming summit. 

Osinbajo spoke during a meeting with a delegation of the NESG at the presidential villa on Tuesday, according to a statement by Laolu Akande, his spokesperson.

The 28th Nigeria Economic Summit (NES), themed ‘2023 and beyond: priorities for shared prosperity’, is scheduled for November 14th and 15th, 2022. 

The NES is an annual event where the public and private sector stakeholders deliberate on developmental issues.

Speaking ahead of the event, Osinbajo said the interventions of the private sector was needed in solving macroeconomic issues.

“Sometimes we talk about a lot of important things, but there are pressing, immediate things with significance for the future,” he said. 

“I am always concerned we don’t allow very many issues to obscure the more important issues that confront us today so that we leave the summit with a clearer view on how we can resolve the pressing issues.”

“For example, how do we tackle the rising inflation and the exchange rate instability?

 “I really think we should spend more time focusing on the primary issues of inflation and exchange rate control.”

Stating the significance of the private sector’s perspective to macroeconomic issues, the Osinbajo said was critical to always seek opinion of experts on issues relating to the economy.

He also acknowledged the contributions of the NESG to economic development over the years.

“It is very important to always note what you (private sector experts) think are the main concerns today especially about macroeconomics and how to deal with the issues,” he said.

“What the private sector thinks about how we can resolve some of these issues is important.

“I strongly believe in the objectives of the NESG, it has contributed a lot to how the public sector thinks through policies and has provided that forum for public sector accountability.

“The NESG has also been very useful in educating the private sector about the processes of running a complex system such as the one that we have. It has been a very useful synergy between the public and the private sector.”

In his remarks, Asue Ighodalo, chairman of the NESG board, who led the delegation, commended the Osinbajo’s coordination that produced great results in the ease of doing business.

Ighodalo said he has “done a fantastic job on ease of doing business, regardless of the challenges that we are confronted with today”.

He also reiterated the commitment of the group to collaborate more with the public sector and expressed optimism that despite the challenges, “this government can still do much more before it leaves”.

“At the NESG, we believe that the next six months are very critical,” he added.

According to the statement, the 28th NES will feature President Muhammadu Buhari, Osinbajo and other leaders from the public and private sectors.