The Nigerian Economic Summit Group (NESG) on Monday, said mobilizing finance in high-growth sectors was critical towards achieving sustainable development in Nigeria.
Dr Olusegun Omisakin, Director of Research, NESG, gave the advice in a statement in Abuja, ahead of its 29th economic summit (NES 29), scheduled for Oct. 23 -24.
“Efforts should focus on domestic revenue mobilization by expanding the tax net and improving collection efficiency.
Omisakin, explained that Nigeria should leverage a compelling portfolio of competitive investment-grade projects and social investment programs to access and deploy financial resources in support of sustainable development initiatives.
“Promoting innovative financing mechanisms, strengthening public and private financial institutions, and enhancing public-private partnerships are essential for mobilizing the necessary funds.
” Hence, it is crucial to shift Nigeria from a predominantly government-led funding approach to a private sector-led investment-driven economy, while also improving transparency, efficiency, and accountability in public revenue and expenditure.”
He said the forthcoming NES 29, themed: ” Pathways for sustainable economic transformation and inclusion,” was in view of the urgency of translating economic growth into improved and sustainable living standards for all citizens.
He explained further that the summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development.