Your Excellencies, Honourable Ministers, Captains of Industry, Members of the International Community, Members of the Press, Esteemed Colleagues, Distinguished Ladies and Gentlemen.

It has been an amazing past two days of the 31st Nigerian Economic Summit, and I cannot believe that we are already at Day 3 which brings the Summit to a close; but not the reflections, collaborations and actions that are being birthed.

Over the last three decades and more, the Nigerian Economic Summit has remained the leading platform for public-private dialogue, debating Nigeria’s challenges, shaping policy reform, and proposing bold solutions for sustainable and inclusive growth.

As we gather today, a significant, undeniable fact is that Nigeria’s economic transformation, as well as Africa’s, will be elusive without collaboration, across borders and language divides, propelled by the forces of ambition, markets, talent and resources on the continent. This realization led to an intentional expansion of the Summit discourse to interrogate regional and continental dimensions of our growth and economic transformation. Accordingly, last year, the Summit organizers introduced the Rising Together Initiative - Initiative Grandir Ensemble. (pronunciation -INISIATIF GRONDIR ONSOMBL

We cannot but recognize that there is significant room to grow intra-African trade, which still is at 14.4 percent of total African trade, compared with 65 percent in Europe, 58 percent in Asia, and 49 percent in North America. Despite being home to 17 percent of the world’s population and some of the fastest-growing economies, Africa’s share of global trade remains a minuscule 3 percent, and only 11 percent of cross-border investments in Africa originates from within the continent.

Nigeria is the 4th largest economy in Africa; the largest economy in West Africa, and home to Lagos State, which is one of the 10 largest economies in Africa. With a GDP of US$246 billion in 2024 and home to over 18 percent of the continent’s population, Nigeria holds both the responsibility and the opportunity to lead in driving regional integration, spurring corporate expansions, and shaping geopolitical alignment.

The global economy is experiencing rapid shifts, marked by trade wars, supply chain vulnerabilities, climate-related shocks, and capital flight, which reminds us that no nation can secure prosperity alone. Regional resilience is the new currency of competitiveness.

Meanwhile, the African Continental Free Trade Area (AfCFTA), covering a market of 1.3 billion people and a combined GDP of over US$1.9 trillion, provides a framework for changing the narrative. World Bank estimates suggest that if well implemented, AfCFTA could lift 30 million people out of poverty and boost Africa’s GDP by an additional US$450 billion by 2035. However, these desirable outcomes will remain unrealised if we do not urgently unlock trade barriers, unleash the growth of our own homegrown African multinationals, mobilise capital across borders, and harmonise policies, reforms, and the regulatory environment.

Therefore, “Rising Together” – “Grandir Ensemble” is not just a theme but a call to accelerated Cross-Border action. Thus, today’s conversations must focus on three (3) broad critical dimensions:

1. How do we enhance Cross-Border and International Collaboration for Africa’s Businesses? African companies and Governments must forge the cross-border and international partnerships and collaborations to promote regional and continental growth and expansion. Africa’s multinational corporations have demonstrated that scaling across borders and even globally is feasible. Similarly, many indigenous SMEs need policies, partnerships, and ecosystems that enable them to thrive.

2. How do we address Labour, Language, and Regulatory Barriers? Non-tariff barriers remain the biggest impediment to African integration. Over the years, cumbersome and ineffective travel, logistics, and customs procedures, and divergent product standards continue to limit corporate competitiveness and raise the cost of intra-African trade by over 30 percent, according to UNECA. Despite long-standing free movement protocols, labour mobility remains limited. While the European Union grants full work rights across 27 countries, ECOWAS citizens still face restrictions and mistrust. Bridging these divides is critical to rising together as a continent. Furthermore, are our tax and immigration regimes enabling and growth oriented or inhibiting?

3. How do we address Labour, Language, and Regulatory Barriers? Non-tariff barriers remain the biggest impediment to African integration. Over the years, cumbersome and ineffective travel, logistics, and customs procedures, and divergent product standards continue to limit corporate competitiveness and raise the cost of intra-African trade by over 30 percent, according to UNECA. Despite long-standing free movement protocols, labour mobility remains limited. While the European Union grants full work rights across 27 countries, ECOWAS citizens still face restrictions and mistrust. Bridging these divides is critical to rising together as a continent. Furthermore, are our tax and immigration regimes enabling and growth oriented or inhibiting?

Distinguished ladies and gentlemen, Africa stands at a crossroads. It is estimated to house 20 percent of the people on earth by 2030 and host the largest workforce of over 1.2billion by 2050. Failure to build an inclusive and fast growing economy could be catastrophic, unleashing social crisis and tension. However, if we succeed in “rising together”, our people, particularly the youthful population, could become the most significant demographic dividend in modern history.

Therefore, our economic reform and transformation agenda must be anchored not only on domestic reforms but also on regional and continental transformation and ambition. Reforming at home without aligning with Africa will leave our progress incomplete and fragile.

Excellencies and distinguished guests, the purpose of today’s gathering is to clearly identify what is working in our pan-African expansion and, most importantly, to commit to a practical framework for building regional trust, cross-border investment, and African-led prosperity.

The NESG is committed to institutionalising “Rising Together” as a recurring platform that will ensure Nigeria’s reform blueprint embeds regional and continental priorities and contributes to Africa’s collective economic transformation and inclusion.

It is noteworthy that when Africa trades, invests, and grows together, Nigeria rises with it. Therefore, we should leverage this platform to shape actionable outcomes, deepen public-private partnerships, and chart a clear path toward an Africa where prosperity knows no borders.

Together, let us rise not just for economic gains, but for social progress. I wish us all fruitful deliberations.

Thank you, God bless the Federal Republic of Nigeria, and God bless Africa as well as her dear Friends.