The 32nd Nigerian Economic Summit (NES #32) closed on Tuesday with public and private sector leaders agreeing that Nigeria's macroeconomic reforms must now deliver tangible improvements at the household level rather than remain confined to policy documents. Organised under the theme "Growth That Works," the two-day gathering gave policymakers, industry executives, and development partners a platform to assess the economic trajectory, confront structural bottlenecks, and demand faster and more accountable execution of reforms.
In his opening address, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presented the proposed National Economic Policy Framework. He said the focus should shift from treating the economy as a development plan to building a competitive national economic model anchored on seven interconnected systems: stability, productivity, enterprise, capital, people, markets, and institutions.
Prof. Stefan Dercon of the Blavatnik School of Government at the University of Oxford cautioned that recent macroeconomic stabilisation cannot be sustained without deliberate microeconomic strategies. He urged a pragmatic approach that replicates the export-oriented, private-sector-led models of Indonesia and China.
BUA Group Executive Chairman Abdul Samad Rabiu acknowledged improved access to foreign exchange but said the naira's depreciation had sharply raised production costs. He called for a move away from import dependence toward domestic production and value addition.
Lagos State Governor Babajide Sanwo-Olu projected the state's 2026 GDP at $146.23 billion and cited 3.89% growth in the first quarter of 2026. He pressed for decentralised energy solutions and full optimisation of the Lekki Deep Sea Port to expand intra-African trade under the African Continental Free Trade Area.
Panellists noted that with GDP growth estimated at 4%, the economy remains below the 7% to 9% range needed for meaningful poverty reduction. NITDA Director-General Kashifu Inuwa Abdullahi argued that digital inclusion goes beyond internet access to empowering citizens to raise their livelihoods and productivity. Participants also called for curriculum reforms to close the gap between academic output and industry needs.
On tax reform, stakeholders said 74% of citizens accept the right to tax but have low trust in collecting institutions, prompting calls for digitised tax systems and clearer communication on how revenues are used.
