Chairman of the Nigerian Economic Summit Group (NESG), Asue Ighodalo, on Monday said Nigerians at various levels must shun nepotism, greed and corruption in order to achieve projected targets.
“Let this 26th Summit be the one where we collectively resolve to shun greed, nepotism, corruption. It is time that we are brave with facing our realities with strength, purpose, and integrity,” Ighodalo said at the ongoing 26th edition of the Nigerian Economic Summit (#26).
He said China has shown Nigeria what a serious country can do when it looks back on its history and resolves never to fail its citizens.
Nigeria went into recession in the third quarter of 2020 as GDP contracted in two consecutive quarters. Growth slumped by 3.62 percent in Q3 of 2020 with major sectors in deep slump. COVID-19 has been the biggest factor, but major economic policies such as exchange rate management and border management have been flagged by analysts.
Ighodalo pointed out that the Chinese economy has not contracted since 1976 despite trade wars and now pandemic because the leaders have been able to make the best use of their history, human and materials resources to grow their economies and improve the welfare of their people.
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“The Chinese economy is on track to grow by 1% with almost twice as many cases and as many deaths. The Chinese economy has not contracted since 1976 through trade wars and now a pandemic.”
He said Nigeria has not come far enough and needs to improve on many fronts.
“We come to the table each year with clear and defined obstacles in search of solutions. The NESG and private sector must do more to address policy needs,” he noted.
He further said that this year’s summit must be different and must emphasise the execution of endless dialogues.
“It is time that we are brave with facing our realities with strength, purpose, and integrity,” he said.
He said that the summit is all about building partnerships because it is no longer feasible to successfully work alone.
Participants at the opening said the head of the summit group spoke from his heart and never had there been such frank, candid and forceful appeal to the government for action as was delivered by Ighodalo.
He called for regulators who facilitate growth of firms working to grow the economy and create jobs and not those that seek to hamstrung them and he also offered a dim view of failed policies being pursued by government agencies.
Ighodalo bemoaned the worsening foreign exchange crisis in Nigeria which he said frustrates private sector expansion plans while acting as disincentive to investors who watch with derision, the policy somersault and knack for private sector bashing in Africa’s largest economy.
