The 2018 Nigeria Economic Outlook Conference (NEOC), an agenda-setting conference seeking to deepen discussion around economic issues in Nigeria, featured major industry leaders as they discuss the economic agenda that will define the landscape of the country in 2018.
The event was divided in into three-panel sessions. The first session, which has the theme “Nigeria in the World, the World in Nigeria” had Austin Okere, the founder of CWG Plc, Toyosi Akerele – Ogunsuji, Social Entrepreneur and Human Development Expert and Rafiq Raji, chief economist at Macroafricaintel Investment LLC, an Africa-focused macro research & investment consultancy based in Lagos. It was moderated by the host, Dr Ogho Okiti.
The 2018 Nigeria Economic Outlook Conference #NEOC is underway.https://t.co/66Ixvzte3S pic.twitter.com/hYI8UySzrZ
— David Afolayan (@aforisms_) January 31, 2018
The session focused on Nigeria in a post crude oil world. The panellists explored issues around Nigeria’ relationship with the rest of the world in a post crude oil world. These include issues such as population growth, employment rate, human capital development and competitive advantage in a global village.
"For me, crude oil is a distraction. It may go up and down. Our attention should be on other human potentials. Selling our local media is a classic example."
– @austin_okere #NEOC— David Afolayan (@aforisms_) January 31, 2018
More so, Nigeria has squandered different opportunities to build a strong and diverse economy using proceeds from different oil windfalls of the past.
"We have had many global crude oil booms. The question is what did Nigeria do with our share?"@austin_okere #NEOC pic.twitter.com/TtdpSnNyg2
— David Afolayan (@aforisms_) January 31, 2018
The panel discussed the relevance of crude oil in the present global economy.
"Economy is secondary to National Security Framework. We will continue to lose direct investments when companies continue to pay ransom for their workers."
– Toyosi Akerele #NEOC— David Afolayan (@aforisms_) January 31, 2018
"It is a false assumption to say that countries that are rich are rich because they have oil. Wrong! Rich countries are rich because of know-how"
– Toyosi Akerele #NEOC pic.twitter.com/ULXnuz1vcv— David Afolayan (@aforisms_) January 31, 2018
It also provided a number of solutions to the growing spate of unemployment in the country. These include empowering SMEs to employ individuals on a small scale.
"If we can empower the existing 34m SMEs to employ just one person, that will translate to 34m jobs in one sweep. Govt cannot compete with even the non-formal sector alone!"
– @austin_okere #NEOC pic.twitter.com/u0AUNNj3Dm— David Afolayan (@aforisms_) January 31, 2018
The panel also alluded to some other factors that are significant to the growth or otherwise of the economy.
"We should focus on education and entrepreneurship. The generation of the future can not be groomed with the Macmillan textbooks."
– Toyosi Akerele #NEOC— David Afolayan (@aforisms_) January 31, 2018
"The benefits of giving out broadband is greater than charging for it. It is better to allow a man make $30 from free broadband and tax him than charge him $1 for the broadband"
– @austin_okere #NEOC— David Afolayan (@aforisms_) January 31, 2018
The Second panel which has the theme: “Politics, Leadership, Policy and Nigeria’s Prosperity”, featured Dayo Adedayo, British-trained documentary and commercial photographer, Victoria Ohaeri, an SXSW 2013 honoree, and Harvard University alumni, and Abraham Ogbodo. It was moderated by Abimbola Agboluaje.
The third panel had the theme ” What Replaces Oil in the Global Economy; Agriculture + Manufacturing Productivity.” It was moderated by Dr Ogho Okiti and included Eniola Mafe, Chime Asonye, Tope Onafowokan and Ade Adefeko.
At the end of the event, participants will attest to the capacity of the event to have provoked critical questions and ideas around businesses, public policy, and politics whose answers will affect the Nigerian business landscape in 2018. I only hope that its many deep lessons will not end as an academic record.
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