NAN-HE-14
MoU
By Cecilia Ologunagba
Abuja, Oct. 13, 2017 (NAN) Participants at the just concluded 23 Nigerian Economic Summit (NES#23), have called for implementation of Memorandum of Understanding (MoU) signed between the Nigerian Governors’ Forum (NGF) and the Nigerian Economic Summit Group (NESG).
This is part of Summary of the NES#23 Report obtained from the NESG in Abuja on Friday.
The News Agency of Nigeria (NAN) reports that the theme of the 23 Nigerian Economic Summit (NES#23) was; “Opportunities, Productivity and Employment; Actualising the Economic Recovery and Growth Plan’’.
The Report was presented under five sub-themes of Think Nigeria, Skills, Competencies and Capacity; Access to Capital, Legislation and Economic Inclusion.
Under Economic Inclusion Sub theme, the report stated that the MoU would create a collaborative framework that would promote sub-national economic competitiveness and ease of doing business.
The MoU was signed during a session at the NES#23 to provide opportunity for the two parties to convene regional, and sub-national economic summits.
It will focus on building competitive advantages within state clusters and geographic corridors.
It also said that the envisaged summits would also be tailored to develop economic ties across different sectors and discover unique opportunities that characterised different regional blocs.
Other recommendations reached at the summit to enhance economic inclusion included strengthening of farmers’ cooperatives and aggregation as well as increase funding to universities, and research-based organisations on seeds development.
Meanwhile, under the Access to Capital sub theme, the summit wanted the Federal Government to stop participating directly as provider of capital for the Micro, Small and Medium Scale Enterprises (MSMEs).
It recommended that the government should rather provide credit guarantees (through Direct Foreign Investments from banks such as Development Bank of Nigeria) and provide capital through the financial institutions, especially for MSMEs.
“MSMEs must organise together as cooperatives in applying for credits to strengthen their ability to secure capital from financial institutions.
“MSMEs must be very thorough (business plans, technical skills, partnerships etc) to de-risk their projects before presenting to Equity investors in order to improve their chances of securing capital.’’
In addition, the participants wanted the Federal Government to accelerate investment in gas and renewable energy by providing fiscal incentives (10 years or more tax holiday).
They also wanted the government to remove all regulations that were stifling the development of off-grid electricity solutions to encourage the use of renewable energy to increase electricity access and reduce poverty.
Under Skills, Competencies and Capacity Sub theme, the summit called for the development of an Integrated National Technical Education and Vocational Training (TEVT) programme.
They observed that the Train the Trainer programme across sectors and states as a critical driver for scaling artisanal and semi-skilled national workforce development and capacity building.
“There is need to launch an online learning programme in partnership with the private sector and introduce Entrepreneurship into secondary school curriculums and introduction of Entrepreneur-in-residence.’’
The participants called for the harmonisation of the 14 critical bills that had already been passed and transmitted to the President for Assent.
Still under Legislation sub theme, they called for support on the passage of the National Innovation Fund bill.
Furthermore, under Think Nigeria sub theme, the participants urged the Federal Ministry of Budget and National Planning to ensure the take-off of sector-focused Malaysia-styled labs on implementation of ERGP.
They asked the Federal Government to intensify implementation of the Executive Order on 24-hour Port Operations to increase speed of ports’ operation.
They also wanted the government to declare a state of emergency on intermodal transportation to ports and incorporate the maritime/shipping sector policy framework into the National Transport Policy document. (NAN)
CIA/EEE
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Edited by Ese E. Ekama