The Nigerian Economic Summit Group, NESG has Why Nigeria’s socio-economic progress is slow, citing bureaucracy and outdated systems as bottlenecks for the country’s economic progress.
The group also identified corruption as a major obstacle to building public trust and ensuring the effectiveness of Nigeria’s public institutions.
The Strategic Communications Specialist of NESG, Francis Jakpor, in a press statement, noted that these would form the topics for conversation at the 29th Summit (NES 29).
Jakpor stated that the NESG advised stakeholders to, as a matter of urgency, boost transparency, improve efficiency, promote coordination and invest in human capital as essential steps to enhance the capacity of Nigeria’s public institutions.
He stated, “The Nigerian Economic Summit Group (NESG) has highlighted corruption as a major obstacle to building public trust and ensuring the effectiveness of Nigeria’s public institutions.
“The Think Tank, whose 29th Summit (NES 29) will be exploring the subject as a sub-theme, said the state of Nigeria’s public institutions plays a crucial role in driving socio-economic growth. It however added that bureaucratic bottlenecks, outdated systems, and limited human resources further hinder the timely and effective delivery of public services, and ultimately, socioeconomic progress.
“Additionally, inadequate inter-agency cooperation and coordination lead to fragmentation, duplicated efforts, inefficiencies, and policy inconsistencies. To overcome these challenges, sustained efforts, political will, and a comprehensive approach to reform are necessary.”
He further stated, “The NESG also advised stakeholders to, as a matter of urgency, boost transparency, improve efficiency, promote coordination, and invest in human capital as essential steps to enhance the capacity of Nigeria’s public institutions.”
“By establishing effective and responsive governance systems, equitable resource distribution, citizen participation, and decision-making can be fostered, ultimately building public trust, attracting investments, and driving sustainable development.
“Recently, the NESG announced it will anchor its 29th summit on ‘Pathways for Sustainable Economic Transformation and Inclusion’, in light of the urgency of translating economic growth into improved and sustainable living standards for all citizens.
“This year’s summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development,” he said.