Minister of State for Budget and National Planning, Prince Clem Ikanade Agba, has said that the Federal Government will soon unveil the various potential discovered by the present administration in all sectors of the Nigerian economy.
Agba disclosed this while briefing the press at the closing ceremony of the 28th Nigerian Economic Summit on Tuesday, November 15, 2022, in Abuja.
He said the Federal Government’s move was aimed at ensuring that growth was achieved in all areas of the economy.
Agba spoke about the inclusion of the private sector in the National Development Plan, which was a national plan put together by the Federal Government, State Government and the private sector.
He said the plan had identified the various binding constraints that militate against the private sector from driving the economy.
He noted that on the volume III of the plan, 18 laws and 10 policies were identified as binding constraints.
He further added that efforts were ongoing to address existing laws that were identified to limit the private sector from driving the nation’s economic growth.
Agba stressed that the private sector contributed 92% of the GDP which was the reason the sector took the lead in the National Development Plan.
The Minister recalled that in the past, the National Development Plan was seen as a Federal Government plan and to change such narrative, the subnationals were included in the plan.
He stated that Integrated Rural Development Plan, where the Government prioritizes rural development programme in terms of road, power, etc., was one of the things included in the plan.
These, the minister said, would give more attention to the farms where food were produced, curb unemployment, eliminate post-harvest losses and urban- rural migration.
Prof. Ibrahim Gambari, the Chief of staff to the President, in his closing remarks, said NES#28’s partnership with the private sector was essential to the Country’s Economic growth and development.
He added that the partnership had created mutual respect and dialogue which had formed a basement that had generated many policy recommendations for the actions of the Federal Government.
However, to prioritize and secure the future of the citizens and country, he urged all to pay greater attention to the country’s economic diversification and build human capital for resilience, inclusiveness and sustainable economy.
The Permanent Secretary, Budget and National Planning, Engr. Nebeolisa Anako, expressed his special and particular appreciation to President Muhammadu Buhari, who was represented by the Vice President, Prof. Yemi Osinbajo, for always being a source of inspiration and guidance throughout the summit preparation processes.
Anako commended the Chief of Staff to the President, Prof Ibrahim Gambari, for his attendance, all partners and stakeholders for participating actively throughout the 28th NESG.
One of the highlights of the event was the introduction of the new Chairman of the Nigerian Economic Summit Group, Mr Niyi Yusuf, who takes over from Mr Asue Ighodalo.