WorldStage Economic Summit 2024 to Address Comprehensive Business and Economic Recovery Amidst Nigeria’s Ongoing Economic Struggles
As Nigeria continues to grapple with the aftermath of several economic disruptions, including the far-reaching impacts of the COVID-19 pandemic, the complexities of Naira re-denomination, and the contentious removal of fuel subsidies, the WorldStage Economic Summit (WES) has chosen a timely and critical theme for its 2024 edition. The theme, “Nigeria: Setting a Stage For Business And Economic Recovery,” reflects the urgent need for a unified approach to revitalizing the nation’s economic landscape.
WorldStage Limited, the organizer of this prestigious annual summit, announced in a detailed statement that WES 2024 is scheduled to take place on September 25, 2024. The event will be held at the Event Centre of the Nigerian Exchange Limited, located at 2/4 Customs Street, Lagos. This choice of venue is symbolic, as it situates the summit at the heart of Nigeria’s financial district, underscoring the significance of the discussions that will unfold.
The statement highlighted that the summit will bring together critical stakeholders whose roles are pivotal to Nigeria’s business and economic recovery. These stakeholders include representatives from the federal and state governments, as well as key players from the private sector who are integral to food production, technology transfer, job creation, energy supply, and the burgeoning blue economy. Additionally, the summit will focus on those involved in banking and export promotion, sectors that are essential to stabilizing and growing Nigeria’s economy.
The summit aims to convene an extensive range of participants, encompassing the Manufacturing, Oil and Gas, Housing, Agriculture, and Water Resources sectors. It will also engage stakeholders from Banking, Insurance, Maritime, ICT, Aviation, Mining, Hospitality & Tourism, Healthcare, Education, and Transportation. Local and foreign investors, media professionals, and other relevant stakeholders will also be in attendance, making WES 2024 a comprehensive platform for dialogue and action.
According to the statement, “WES 2024 will put stakeholders that are critical to the economic turnaround on the spotlight to stimulate case discussions, public buy-in, and lasting solutions.” This focus on practical solutions and public engagement is seen as essential for addressing the multifaceted challenges currently facing Nigeria’s economy.
Segun Adeleye, the President and CEO of WorldStage Limited, provided further context in his remarks about the summit. He noted that Nigeria’s economy has been subjected to a series of policy reviews since the election and subsequent inauguration of President Bola Ahmed Tinubu in 2023. The new administration, he explained, has laid out an ambitious agenda, with the Presidential Policy Advisory Council developing a strategic blueprint aimed at transforming Nigeria into a $1 trillion economy within the next eight years. This blueprint also targets an average annual GDP growth rate of 7% and a GDP per capita of $3,631.
However, Adeleye emphasized that while these goals are laudable, they are set against a backdrop of significant inherited challenges. “The new administration is challenged to improve the economic prosperity of Nigerians, but fundamental macroeconomic issues such as poor policy implementation and infrastructure deficit will demand strategic reforms,” he stated. These reforms, he acknowledged, will bring long-term benefits but are likely to involve short-term pain, as evidenced by rising energy costs, the devaluation of the Naira, and rampant inflation.
Adeleye also pointed to the current economic crossroads at which Nigeria finds itself. Businesses and the general populace are bearing the brunt of tough economic measures, some of which have had unintended consequences that have pushed many to their limits. In response to these pressures, the government has rolled out palliative measures in an effort to mitigate backlash and prevent total economic collapse.
“The current reality,” Adeleye remarked, “has put the government and businesses in a situation where they have no choice but to align their strategies for the common good in economic recovery.” He outlined key areas of focus that will be critical to this recovery, including stable power supply, job creation, effective exchange rate management, inflation control, banking recapitalization, fiscal and debt management, structural reforms, human capital development, and economic diversification.
The WorldStage Economic Summit 2024 promises to be a landmark event, bringing together diverse voices to address the pressing issues facing Nigeria’s economy. By fostering collaboration and encouraging strategic reforms, the summit aims to pave the way for a more resilient and prosperous economic future for Nigeria. As the date of the summit approaches, anticipation is building for the insights and solutions that will emerge from this crucial gathering of Nigeria’s economic stakeholders.
