A two-day annual event bringing together representatives of the public and private sectors to proffer ideas and implementable projects to make Nigerian local governments viable economic centres. The expectation is that the forum will bring forth transformational change and lead to the improvement of the quality of life and standard of living of Nigerian citizens, especially those in the rural areas, address youth unemployment, and help to stem rural-urban migration.

The Forum will also feature an exhibition of industries and business projects, which can flourish at the local government level.

Over the years, the Local Government system in Nigeria has continued to face a number of challenges, which hindered it from achieving optimal performance. Such challenges include financial, reliance on allocations from the center, low volume of IGR and ability to undertake major development projects and meet up with the increasing overheads amongst others. Despite the challenges, the grassroots people have continued to have high expectation from the system.  Hence the Forum will explore innovative means of not only addressing the challenges but also harness viable alternatives of making local government be in a position to generate optimal income, attract investments from both domestic and foreign sources, harness resources locally available and make the Nigerian Local Government system a reference point in the continent and beyond.

Elsewhere local government areas have been able to attract the attention of economic and developmental players not only securing grants but also investments.  It is note worthy that in the past Lagos Island Local Government Council had been able to attract investment via issuing the first ever local bond in Nigeria but unfortunately other LGs are yet to explore this avenue to raise funds for their local government development.

The Forum therefore creates an innovative and impactful platform to showcase investment and socio-economic opportunities at the grassroots and how it can be harnessed to make the system more impactful to both the system and the people. Through the Forum, LGs could be able to attract investments and associated support from the private sector, development partners, local and international organizations and other relevant parties.

The Forum will be very beneficial:

National Benefits

1. Becoming the preeminent leader in local government administration and development in Africa
2. Provide basis for policy formulation through engaging relevant stakeholders so to provide the necessary inputs for the development of policies, legislation and implementation to support investment drives through such vehicles as partnerships and synergies.
3. Emergence of innovative and alternative sources of funding
4. Making local government system a true catalyst for change as encapsulated in the Next Level Agenda of President Buhari led Federal Government
5. Attracting and preserving foreign exchanges through variety of opportunities across value chains of various products available in the localities
6. Having the possibility of becoming a resource base for emulation and consultation on grassroots development in Africa and indeed the world
7. Becoming a bigger concern in terms of production capacity, enhanced service delivery, enabling environment for investors and all relevant stakeholders and the increment in the intrinsic value
8. Becoming a major contributor to the domestic economy, in direct terms

Grassroots Benefits

Here the benefits to states and local government areas are outlined. As the benefits are numerous, everyone would benefit from outcome of the Forum.

1. Adequately assist states and local government councils in fast tracking rural development using human and natural resources.
2. Achieve real financial independence
3. Development of grassroots economies and support micro and small and medium enterprises as well as key into Federal Government initiative of one local government one product.
4. Unleashing of key economic and employment potentials in rural and semi-rural areas of Nigeria.
5. Boosting of IGR as result of the economic sectors that could be energized and optimised.
6. Development of crop based agricultural cooperatives and innovative enterprises in line with the social intervention programmes of President Muhammadu Buhari
7. Creation of innovation hub and knowledge-based economies right from the grassroots levels

The inaugural LGA Economic Forum will take place August 13-14, 2020 at the International Conference Center, Abuja.