The Nigerian Economic Summit Group (NESG) has called for a shift in focus from mere economic stabilization to tangible transformation that benefits businesses, workers, and households. This statement comes as the country gears up for the 32nd Nigerian Economic Summit, scheduled for October 26 and 27 at the Transcorp Hilton Hotel in Abuja.

Tayo Adeloju, the Chief Executive Officer of NESG, emphasized the necessity for ongoing reforms to translate into productive investments, increased productivity, job creation, and improved incomes. He highlighted that while recent reforms—including subsidy removal, exchange-rate unification, and fiscal restructuring—have restored macroeconomic stability and enhanced investor confidence, stability alone is insufficient for true economic transformation.

Adeloju stated, "Stabilisation is necessary; it is not sufficient. The question before Nigeria has therefore shifted from restoring stability to converting it into transformation. The next phase must strengthen the transmission from reform to investment, investment to productivity, productivity to jobs, and jobs to shared prosperity. That is the growth that works."

The upcoming summit, themed ‘Growth that Works: Delivering Jobs, Productivity and Shared Prosperity,’ aims to bring together stakeholders from government, business, labor, academia, and civil society to discuss Nigeria’s economic challenges and devise actionable solutions. Adeloju pointed out the urgency of the discussions, citing high production costs, infrastructure deficits, low productivity, and insecurity as pressing issues.

He noted that over 90 percent of employment in Nigeria remains informal, underscoring the need for a different growth approach that prioritizes productivity and large-scale job creation. The summit will focus on five interconnected areas: Work Nigeria, Produce Nigeria, Invest Nigeria, Scale Nigeria, and Secure Nigeria. Each area addresses critical aspects of the economy, from bridging the gap between education and employment to enhancing agricultural and manufacturing output.

Doris Uzoka-Anite, the Minister of State for Budget and Economic Planning, echoed the NESG's sentiments, stating that the summit presents an opportunity to assess what is working in the economy and identify gaps that need addressing. She emphasized the importance of translating economic policies and reforms into tangible improvements in the lives of Nigerians.

Uzoka-Anite also mentioned that recommendations from the previous summit have already influenced government policies, including the development of the National Development Plan 2026–2030 and the Nigeria Industrial Policy, which focuses on key sectors such as agro-processing and technology-driven industries.

As the summit approaches, both Adeloju and Uzoka-Anite have urged the media to play an active role in holding the government and businesses accountable for their commitments. Adeloju remarked, "NES#32’s success will be measured not by attendance, but by better policy, stronger businesses, and improved livelihoods."

With over three decades of history, the Nigerian Economic Summit serves as a crucial platform for fostering collaboration between government and private sector stakeholders in shaping the country's economic landscape.