NESG, State Assemblies sign MOU to boost economy

By Abubakar Yunusa

The Nigerian Economic Summit Group (NESG) has signed a Memorandum of Understanding (MoU) with the Conference of Speakers of the State Legislature of Nigeria, to drive competitiveness and boost the economy of states.

Speaking in Abuja on Wednesday, Niyi Yusuf, NESG chairman, acknowledged the role of the private sector in achieving a productive economy. He said the partnership was aimed at identifying existing bottlenecks in the business environment and other governance impediments to achieving economic competitiveness in states.

According to him, the partnership was preceded by high-level dialogue between the parties, which revealed knowledge gaps on relevant sectors and frameworks that enhance the growth of critical economic sectors, and in the operations and diverse nature of our states.

He said, “The current economic situation in Nigeria makes it imperative for states to partner with the private sector to drive productivity, increase internally generated revenue, and attract foreign and domestic investments.

“To achieve optimal productivity, the importance of an enabling business environment cannot be over-emphasised as it catalyses private sector growth, economic prosperity, and sustainable development.”

He explained that by creating a conducive ecosystem for businesses to thrive, state governments can unlock opportunities for innovation, job creation, and wealth generation. He added that a vibrant private sector supported by an enabling business environment lays the foundation for a resilient and prosperous economy.

Speaking on the increasing level of poverty in the country, Yusuf said that states play a crucial role in enhancing the standard of living and can improve the economy.

According to him, states can harness their full potential by utilising 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 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 organisations 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,” he said.

Edward Adebo Ogundoyin, the chairman of the Conference of Speakers of State Legislatures in Nigeria (CSSLN), said the partnership was in furtherance of the collective efforts of state legislatures to drive sustainable economic growth and development at the state levels.

He stressed the need to promote a digital and open parliament as a tool to drive transparency at the sub-nationals.

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.”