The Made In Nigeria summit of the National Economic Summit Group has commenced in Abuja.
President Muhammadu Buhari and the Minister of Budget and Planning, Udoma Udoma, are at the opening ceremony.
Follow our live blog below:
An Economist, Doyin Salami speaks:
“One area where I think the government is doing itself a bad service is that it doesn’t communicate well.”
Mr. Salami says government needs a comprehensive development plan.
11.13: Investors have to be encouraged, Mr. Salami says.
11.14: Four short term actions:
Get confidence of investors
Articulation of development plan
Fiscal and monetary policies must complement each other.
Public procurement of made in Nigeria goods must become operational. The percentage of Made in Nigeria in government capital expenditure should be made clear.
11.17: Doyin Salami completes his speech, saying the current state of the economy provides a platform for us to move forward if we want to.
11.18: President Muhammadu Buhari now to speak and declare #NESG #NES22 open.
11.20: The NESG has over the years strengthened the relationship between the public and private sectors – President Buhari
11.21: “We need to diversify the economy so that we can produce the food we eat, make our own textiles, produce most of the things we use and create the right environment” for our youth to create jobs through ICT.
11.24: “My greatest desire is that Nigeria moves from import dependence to self sufficiency in local production and become an export economy in goods and services.”
11.27: First policy dialogue to be led by Vice President Yemi Osinbajo to commence in 15 minutes as attendees go for a tea break.
12.20: NESG summit reconvenes after the tea break.
Attendees recite the National Anthem.
12.26: Vice President Yemi Osinbajo leads a panel of three ministers to discuss the economy.
The ministers are: The Minister of Industry, Trade and Investment, Okechukwu Enelamah; Minister of Solid Minerals, Kayode Fayemi; as well as Budget and National Planning Minister, Udoma Udoma.
12.27: Why should Nigerians trust this government to diversify? Mr. Osinbajo is asked.
“We have no choice,” he answers based on the condition we’ve found ourselves.
12.28: We are investing heavily in rice production in 12 major rice producing states – Osinbajo
12.30: “The whole agro-allied value chain is one that is just waiting to happen” – Osinbajo
12.30: Nigeria is looking to process and export shea butter, Mr. Osinbajo says
12.34: Our Strategic Implementation Plan is online and has clear objectives, Mr. Osinbajo said.
12.37: I think in particular, we are doing a lot in communication of our agriculture policies – Osinbajo
12.38: You may not immediately be able to feel the impact of these polices – Osinbajo says on government’s various programmes.
12.43: For me I know the responsibilities we carry – Okechukwu Enelamah, investment minister
12.44: President issued a directive that there should be a ministerial council to deal with complaints to make it easy to do business. The council is headed by the vice president – Mr. Enelamah
12.45: The inter-ministerial council on ease of doing business has met at least twice – Enelamah
12.48: I think these polices will take time to work, but I have no doubt that they will come to fruition, Enelamah on making it easy for businesses to thrive.
12.52: “We are not where we want to be, but we are not where we used to be,” Mr. Enelamah on how it is now easier to register businesses in Nigeria.
12.54: N350 billion is what we expect to recover as corruption proceeds.We have not been able to recover all that in cash – Osinbajo says on recovered corruption funds.
12.55: Every single thing that we are doing is contained in the Strategic Implementation Plan of the 2016 budget – Mr. Udoma, budget minister
13.00: “We are going to much more aggressively put out what we are doing. Because this government is committed,” Mr. Udoma
13.01: We want (Nigeria) to be self-sufficient in rice in 2018, in wheat in 2019, Mr. Udoma says on the content of the Strategic Implementation Plan.
13.04: “As of half year, we got a little over 55% of what we were expecting to get (as income) – Budget Minister Udoma on state of 2016 budget
13.06: We accumulated huge amount of debts over the past 3 to 4 years that we are trying to deal with – Budget Minister
13.07: Budget Minister Udoma could not give a specific figure on how much Nigeria’s debt is. He says a lot of reconciliation is being done in various ministries.
13.10: Nigeria has 44 odd minerals, but not all of them are in commercial quantity – Solid Minerals Minister Kayode Fayemi
13.13: Now, we are not only self sufficient in limestone production, we are a net exporter – Mr. Fayemi
13.14: Unfortunately, mining is not one of those quick win sectors, Mr. Fayemi says on the pace of work in the solid minerals sector.
13.16: Before the end of this administration, Nigerians should expect us to transform our bitumen into asphalt production for road construction – Mr. Fayemi.
13.18: Rail transportation: We think it is important to really invest in rails. One of the reasons our roads are bad is because we are transporting very heavy products on them instead of on rails – VP Osinbajo
13.26: Members of the audience are now asking questions from the VP and other ministers.
13.48: Mr. Enelamah asks the private sector to have faith in the policies of the government.
We are suspending our live blog of the NESG Made In Nigeria summit due to technical reasons from the venue of the event.
We apologise for any inconvenience caused our readers.