25th Economic Summit – Umakhihe Inaugurates Planning Committee

Mr. Ernest Umakhihe

The Permanent Secretary of the Ministry of Budget and National Planning, Mr. Ernest Umakhihe, on Wednesday, July 3, 2019 in Abuja, inaugurated the Joint Planning Committee (JPC) for the 25th Nigerian Economic Summit Group (NESG). The Committee has the mandate to deliver a Summit that does not only meet its expectations and achieve set objectives, but promote and support the actualization of the Economic Recovery and Growth Plan (ERGP), as well as the programmes articulated in the NESG.
He said the key mandate of the JPC is to undertake all preparatory arrangements for the successful hosting of the Summit, scheduled for October 2019.

The Permanent Secretary explained that the Annual Nigerian Economic Summit is the premier public-Platform for dialogue between the Federal Government of Nigeria and the private sector, jointly organized by the Ministry of Budget and National Planning and the Nigerian Economic Summit Group (NESG).

The other members representing the Public Sector on the Committee will be officials of the Presidency; Office of the Secretary to the Government of the Federation, Federal Ministry of Finance, Federal Ministry of Foreign Affairs, Nigerian National Petroleum Corporation, Office of the Inspector General of Police, Nigerian Investment Promotion Council, Budget Office of the Federation, Central Bank of Nigeria and Nigeria Governors Forum.

The Terms of Reference for the Joint Planning Committee (JPC) include:

1. Review the report of the 24th Economic Summit;

2. Make all arrangements for the successful hosting of the 25th Nigerian Economic Summit (NES#25) as well as the programme of events and timelines for the implementation of the key activities of the Summit;

3. Articulate the budgetary requirements and the sources of funds for hosting the Summit;

4. Propose the optimal strategy for funding the activities of the JPC;

5. Prepare Green book which is the Main report for the NES#25; within two months of completion of the summit

6. Mobilize relevant public and private sector stakeholders for the summit, especially at the Federal, State and Local Government levels; and

7. Undertake any other work that may lead to the successful hosting of the Summit.

The Joint Planning Committee (JPC), he explained will work under coordination of the private sector, represented by the Nigerian Economic Summit Group and the public sector, represented by the Ministry of Budget and National Planning.

The JPC will oversee the various Sub-committees that would be set up during the preparation process, as well as supervise the operations of the NES Secretariat. The Committee is also responsible for following up on the implementation of the recommendations of the Summit through the various Policy Commissions of NES.

Urging all members to bring their vast experience to bear on this assignment, especially for an Anniversary Summit such as this, the Permanent Secretary pointed out that the key outcomes of the annual Summits have always played important roles in shaping the policies of Government. In particular, the Summit had in the past Contributed to entrenching the culture of development planning in the country including contributions to the development of the Economic Recovery and Growth Plan (ERGP).

He enjoined them to sustain the momentum going forward, particularly at this point in the developmental efforts of the present Administration.

The Chief Executive Officer of the NESG, Mr. Laoye Jaiyeola, said the Summit has turned out to be a credible platform for interrogating and understanding our national economic policy direction and economic growth strategies, with a view to addressing challenges. He also stated that the efficacy of public/ private partnerships exemplified by the Summit platform in our country, was enshrined 25 years ago, to promote public private dialogue towards accelerated national development.

He said that the 25 years of the NESG, has made impact on the Nigerian business climate and the economy at large.

According to Mr. Laoye, the Contributory Pension Scheme, Power Sector Reforms, Agriculture Sector Reforms, as well as the need for a long term vision for the country, among others, were all conceived during the Summit.

Victoria Agba-Attah
Director (Information)