Vanguard Economic Summit to Convene Top Nigerian Leaders on Economic Reforms

The Vanguard Economic Summit in Lagos, Nigeria, will bring together top leaders to discuss economic reforms amid global uncertainties, with VP Shettima and experts addressing key issues like forex, trade, and monetary policies.

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Nasiru Eneji Abdulrasheed
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Vanguard Economic Summit to Convene Top Nigerian Leaders on Economic Reforms

Vanguard Economic Summit to Convene Top Nigerian Leaders on Economic Reforms

The Vanguard Economic Summit , set to take place on May 23, 2024, in Lagos, Nigeria, will bring together top Nigerian leaders and experts to discuss pivotal economic reforms amidst global uncertainties. The summit aims to address key initiatives such as foreign exchange liberalization, trading reforms, and monetary tightening policies.

Vice President Kashim Shettima will attend as the Special Guest of Honour, along with other dignitaries including former Central Bank of Nigeria governor Muhammad Sanusi II. Dr. Ayo Teriba, a highly respected economist, will chair the summit, which will feature panel discussions with executives from both the public and private sectors.

Panelists include the Governor of Niger State, the Director-General of the Lagos Chamber of Commerce and Industry, the Director-General of the Budget Office of the Federation, the President of the Nigeria Labour Congress, and the Managing Director of Financial Derivatives Co. Limited. The objective is to inform and educate interested parties, including foreign investors, on the fundamental issues, policy options, and current measures aimed at addressing Nigeria's economic challenges.

Why this matters: The outcome of the deliberations and conclusions at the summit is expected to inform policy reviews and implementation efficiency, which could have significant implications for Nigeria's economic future and global investor confidence in the country.

The Nigerian government maintains that the economy is moving in the right direction, with policies of the Tinubu administration helping to slow down food inflation. Finance Minister and Central Bank Governor are currently in Washington D.C. to showcase the progress made, including stabilizing the exchange rate and inflation.

However, challenges remain as the year-on-year food inflation rate reached 40.01% in March 2024, and overall inflation jumped to 33.20%. While the naira has appreciated against the dollar, the high cost of living continues to be a concern for Nigerians.

Key Takeaways

  • Vanguard Economic Summit on May 23, 2024, in Lagos to discuss economic reforms
  • VP Shettima, ex-CBN gov Sanusi, economist Ayo Teriba among key attendees
  • Discussions aim to inform policy reviews and boost investor confidence
  • Nigeria claims economic progress, but food inflation at 40.01% and overall at 33.20%
  • Naira appreciated, but high cost of living remains a concern for Nigerians