NESG signs MoU with CSSLN on economic recovery

By Abubakar Yunusa

THE Nigerian Economic Summit Group (NESG) yesterday signed a Memorandum of Understanding (MoU) with the Conference of Speakers of State Legislatures of Nigeria (CSSLN) to adopt a different approach to achieving rapid economic recovery.
Speaking at the signing of the memorandum yesterday in Abuja, the Chairman of NESG, Mr. Niyi Yusuf, said the current economic situation in Nigeria makes it imperative for states to partner with the private sector to drive productivity and increase Internally Generated Revenue.
He noted that in order to achieve optimal productivity, the importance of an enabling business environment cannot be overemphasized, as it serves as a catalyst for private sector growth, economic prosperity, and sustainable development.
Niyi said creating a conducive ecosystem for businesses to thrive, state governments can unlock opportunities for innovation, job creation, and wealth generation. Ultimately, a vibrant private sector supported by an enabling business environment lays the foundation for a resilient and prosperous economy.
“Statistics show that a large number of Nigerians are multidimensionally poor. States play a crucial role in enhancing the standard of living and can improve the economy.
“States can harness their full potential, utilizing tools that enable a conducive business environment for Nano, Micro, Small, and Medium Enterprises (NMSMEs) to thrive.
“Legal and Regulatory frameworks can enable the ease of doing business, enhance the competitiveness of businesses, and promote trust, integrity, and stability in the overall business environment.
“The proposed partnership between the NESG and the Conference of Speakers provides an opportunity to work together to identify and develop initiatives geared towards promoting the sub-national business environment, achieving sub-national competitiveness plus sustainable and inclusive growth across the federation.
“Both organizations will engage in continuous dialogue to foster cooperative actions towards achieving the goals of positioning sub-nationals along the path of economic competitiveness with an effective legislature well equipped to deliver on their mandate.”
In his remarks, Chairman, Conference of Speakers of State Legislatures in Nigeria, Rt. Hon. Edward Adebo Ogundoyin, said, “This partnership marks a significant milestone in our collective efforts to drive sustainable economic growth and development in our beloved States and the country at large.

He said the collaboration between our esteemed legislative bodies and the Nigerian Economic Summit Group signifies a commitment to fostering conversations and collaborating on projects that focus on establishing effective legislative structures to enhance the business climate at the sub-national level and improve sub-national competitiveness.

“By working together, we can harness the power of our collective expertise and resources to create a more prosperous and inclusive future for all our constituents.

“I am confident that our joint efforts will yield tangible results that will benefit our citizens and contribute to the overall advancement of our nation,” he said.