The Minister of Budget and National Planning, Senator Udoma Udo Udoma on Friday, in Abuja, inaugurated the Joint Planning Committee (JPC) of the 24th edition of the Nigeria Economic Summit, with a mandate to deliver a Summit that will not only meet the expected outcomes but continue the work of placing the economy on a path of diversified, inclusive and sustainable growth as set out in the ERGP.
He said the key mandate of the JPC which is to undertake all preparatory arrangements for the successful hosting of the Summit. The Summit is scheduled to hold on the 22nd and 23rd of October, 2018.
The minister explained that in line with the usual practice, the JPC will work under the joint coordination of the public sector, represented by the Ministry of Budget and National Planning and the private sector, represented by the Nigerian Economic Summit Group (NESG), to ensure successful delivery of the Summit.
The other members representing the Public sector on the Committee will be made up of officials of the Office of the Vice President; Office of the Secretary to the Government of the Federation; Office of the Head of Civil Service of the Federation, Federal Ministry of Finance; Ministry of Foreign Affairs; Federal Ministry of Education, Federal Ministry of Industries, Trade & Investment; Nigerian National Petroleum Corporation; Office of the Inspector General of Police; Nigeria Investment Promotion Commission; Federal Ministry of Labour and Employment, Central Bank of Nigeria; and Nigeria Governors’ Forum Secretariat.
The Terms of Reference for the Joint Planning Committee (JPC) include:
(i) To review the report of the 23rd Nigerian Economic Summit;
(ii) Make all preparatory arrangements for the successful hosting of the 24th Nigerian Economic Summit (NES#24), including developing an appropriate theme for the Summit, as well as the agenda/programme of event and timelines for the implementation of the key activities of the Summit;
(iii) Articulate the budgetary requirements, and the sources of funds necessary for hosting the summit;
(iv) Mobilize relevant public and private sector stakeholders for the Summit, and
(v) Undertake any other activity that may lead to the successful hosting of the Summit.
The JPC, he explained, is usually co-chaired by representatives of both Public and Private sectors. “It is the highest organ for the Summit planning process and consists of members drawn from the public and private sectors. The members of the JPC have been carefully chosen in recognition of their experience, expertise and passion in the development of our nation.
Urging all the members to show a high level of commitment to justify the confidence reposed in them, the Minister pointed out that the successes recorded and contributions made by past editions in the last 24 years demonstrates the efficacy of public private partnerships that has evolved in Nigeria during this period.
“Many of the reform policies that have underpinned the evolution of our economic growth strategy over the past twenty-four years were strongly influenced by debates and deliberations during these Summits. Last year’s Summit, NES #23, titled "Opportunities, Productivity & Employment: Actualizing the Economic Recovery and Growth Plan" focused on identifying the actions required to deliver solutions that will actualize the Economic Recovery and Growth Plan (ERGP)”, he stated.
Pointing to the ERGP Focus Labs which was also mentioned during last year’s edition of the Summit, the Minister said the exercise concluded last Tuesday was able to identify 164 projects with a total potential investment worth US$22.5 billion and 513,981 jobs.
“Of this amount, US$10.9 billion worth of private investments are categorized as ‘most ready’ to go. Several quick-wins were also achieved during the Labs with early successes across all work-streams. These are evident in the positive testimonies of private sector Lab participants during the Open Day event,” he stated.
The Chairman of the Nigeria Economic Summit Group, Dr Kyari Bukar said the NES has continued to provide an opportunity for both the public and private sector to interact and share thoughts on key issues and challenges facing the Nigeria’s growth and development, with a view to evolving a common strategy and policy framework for addressing them.
Explaining why this year’s edition will be for only two instead of the usual three days, the Chief Executive Officer of the NESG, Mr ‘Laoye Jaiyeola, said it was not the number of days that mattered but the articulation of the focus of the programme to achieve the intended objective. It was also to have high level government participation and attention.