By Olabisi Olaleye and Sampson Unamka

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Minister for Budget and National Planning, Senator Udoma Udoma, has stated that over N500 billion has been set aside in the 2016 budget for social investment programmes in order to address the needs of the ‘most vulnerable’ in the country.
This, he noted, was in accordance with  the recommendation of the previous Nigerian Economic Summit (NES).
Speaking in Lagos ,Udoma , who made this known  last week at a media brefing  while annoucing forthcoming the 22nd NES summit, said: “The Federal Government has already started addressing some of the recommendations of that summit in the areas of competitiveness, improving the business. environment as well as job creation and inclusive growth. We have even gone further than the recommendations of the summit in setting aside N500 billion in the 2016 budget for social investment programmes in order to address the needs of the most vulnerable in our country.This amount is unprecedented in the history of Nigeria”.
According to the minister,  ‘Made in Nigeria’ will  be the theme of the summit as it is in line with the administration’s commitment to diversifying the economy.
“As is well known, our current economic challenges are rooted in our over-reliance on a single commodity, crude oil ,whose price has fallen, as its production, leading to a drastic fall in our revenue.
The Nigerian economy is currently in recession and faced with contracting Gross domestic product(GDP) , rising inflation and unemployment rates, as well as declining level of external reserves. Let me, however, assure you that government is committed to redressing the situation”.
He further stated that the basic stategy is to reflate the economy through fiscal stimulus and strategic implementation of annual budgets.
“The NES 22 is designed to encourage more production and consumption of ‘Made in Nigeria’ goods and services. We believe that with more patronage of these products,Nigerian producers would be encouraged to improve the quality of their products. As the quality of our goods and services would improve, international demand for them would also increase.
There is no doubt that the fastest route to grow our economy and to create jobs for our teeming population is by pursuing export led growth. Export led growth will add to our foreign reserves and stabilize the Naira”, he said.
The minister, however noted that the summit would therefore provide a platform to sharpen the focus of the conversation, adding that the key thrust would be to facilitate stakeholders discussions and agreements on the practical issues, opportunities, policies and regulations needed for “Made  in Nigeria” to become an economic growth and development destination.
The sub-themes of the summit shall delibrate on the macroeconomic
environment; ease of doing business; stake holders behaviour and
attitudes; access to finance; infrastructure; quality and standards;
technology and innovation; as well as job creation, skills and youth
employment.