The Nigerian Economic Summit Group (NESG) has culminated a 3-year journey with the Conference of Speakers of State Legislatures of Nigeria with the signing of a memorandum of understanding aimed at creating a business climate for private sector players in the states.
The partnership is designed to provide the opportunity to identify and develop initiatives geared towards promoting the sub-national business environment, achieving sub-national competitiveness plus sustainable and inclusive growth across the federation.
Chairman of the Speakers conference and speaker of Oyo State House of Assembly Edward Adebo Ogundoyin said the partnership signifies a commitment to fostering conversations and collaborating on projects that focus on establishing effective legislative structures to enhance the business climate at the subnational level and improve sub-national competitiveness. “I am confident that our joint efforts will yield tangible results that will benefit our citizens and contribute to the overall advancement of our nation,” he said.
Chairman of NESG Niyi Yusuf said the MoU has helped to get all the key stakeholders, including the National Assembly and Nigerian Governors Forum to sign up for a platform that will ensure the bottlenecks are removed and laws amended (where necessary) to significantly change the climate for businesses to thrive and create wealth, while also promoting comparative cost advantage among the states through various peer review mechanisms.
The NESG chairman said several sectors within states have the potential to spur economic growth which he said need to be enabled through proper legislative reforms. He said both parties have also held discussions on the autonomy of state legislature, a focus on review of the laws on the exclusive list, among others.
“States play a crucial role in enhancing the standard of living and can improve the economy. States can harness their full potential, utilising tools that enable a conducive business environment for Nano, Micro, Small and Medium Enterprises (NMSMEs) to thrive. Legal and Regulatory frameworks can enable the ease of doing business, enhance the competitiveness of businesses, and promote trust, integrity, and stability in the overall business environment,” Mr Yusuf said yesterday at the signing of the agreement in Abuja.
He said the importance of an enabling business environment cannot be overemphasised, which he said serves as a catalyst for private sector growth, economic prosperity, and sustainable development. “By creating a conducive ecosystem for businesses to thrive, state governments can unlock opportunities for innovation, job creation, and wealth generation. Ultimately, a vibrant private sector supported by an enabling business environment lays the foundation for a resilient and prosperous economy,” he stated.
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