It is with great pride that I welcome you to the 18th in the series of the annual Nigerian Economic Summit [NES] since the founding of the NESG in 1993, scheduled to take place at the Transcorp Hilton Hotel, Abuja from December 3-5, 2012.
The summit theme of NES 18: Deregulation, Cost of Governance and Nigeria's Economic Prospects is consistent with our commitment to continually focus on contemporary issues of public policy which constrain improvements in Nigeria's public governance system, undermine economic development and the welfare and well-being of our people.
The 18th NES is conceptualized and structured to elicit deeper dialogue between the public and private sectors on the need to build on Nigeria's successful deregulation of the telecoms, banking, insurance and aviation sectors by adopting and supporting full deregulation of the remaining critical economic sectors of agriculture, power, transportation, healthcare, oil and gas which collectively account for 56% of Nigeria's GDP.
This should form the major thrust of our economic transformation efforts. Prior and ongoing efforts to control activities in these sectors have created inefficiencies; stifled innovation and concentrated decision-making within largely unaccountable and over-bloated bureaucracies which gulp about 76% of Nigeria's annual budget thereby increasing the potential for corruption. The nationwide strike which followed the FG's decision to deregulate the downstream sector of Nigeria's oil industry..read more