NESG: Institutional Reform is a Prerequisite for Nigeria’s Development

The Nigerian Economic Summit Group (NESG), a leading private sector-led think tank, has issued a strong warning that while Nigeria has achieved a measure of economic stability, true and lasting development hinges on a new wave of profound institutional reforms. The Chairman of the NESG, Niyi Yusuf, delivered this message at a press conference unveiling the 31st Nigerian Economic Summit (NES#31).

According to Yusuf, the bold policy decisions of 2023 and 2024, such as the removal of fuel subsidies, were courageous steps that have provided a critical “breathing space.” However, he stressed that stability is not the final destination. “What is required now is a second wave of reforms—structural, deliberate, and transformative—that move us from crisis management to long-term nation building,” he stated.

The upcoming summit, scheduled to take place from October 6-8, 2025, will bring together leaders from the public and private sectors to build a national consensus on the way forward. The theme of the event, “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,” underscores the urgency of this dialogue.

Among the five core sub-themes to be discussed is the critical need to strengthen institutions for sustainable impact. This area will focus on improving public sector accountability, ensuring policy consistency, and creating an enabling environment for private-sector growth. The NESG believes that without robust and transparent institutions, economic progress will remain fragile and vulnerable to reversal.