Given this week’s thunderstorm across the economic space over further spike in petrol crises, economy and financial experts have painted a grim picture, and then suggested measures to be taken by the government to stem the tide of hardship currently pervading the society.....KINDLY READ THE FULL STORY HERE▶
For Nigeria to witness a lasting turnaround in its economic fortunes and improvements in the lives of the average citizen, Mrs Toyin Sanni, Group CEO, Emerging Africa Capital Group, highlighted the need for the government to strengthen security in agricultural regions.
Also, she advocated investment in infrastructure development, enhanced policy coordination between government agencies, encouraged private sector investment, the development of technology, and economic inclusion of women and youths.
Sanni also emphasised the need for general societal and socioeconomic cohesion, strengthening of sociocultural ties, and long-term economic diversification among others.
She stated: “The government must prioritise security in key food-producing areas. Addressing insecurity will not only boost agricultural output but also help stabilize food prices, which is crucial for controlling inflation.
“The government should fast-track investments in critical infrastructure, particularly transportation and logistics. Improved infrastructure will reduce the cost of doing business, enhance competitiveness, and support economic growth.
“Effective policy coordination between the monetary and fiscal authorities is essential for a successful economic turnaround.
“The CBN’s efforts to control inflation must be complemented by government policies that promote growth and stability.
“This includes ensuring that fiscal measures do not counteract the effects of monetary policy.
“The government should create an enabling environment for private sector investment, particularly in critical infrastructure sectors.
“Public-private partnerships could play a vital role in addressing some of the infrastructural deficits and driving economic growth.
“Nigeria must accelerate efforts to diversify its economy away from oil dependency. Investing in agriculture, manufacturing, and technology sectors will create more resilient and sustainable economic growth.
“The government should actively support the growth of the technology sector through the establishment of industrial parks, provision of subsidies, and funding opportunities for technology founders.
“These initiatives will foster innovation, create jobs, and position Nigeria as a hub for technological advancements in Africa,” she said.
Women, girls
Mrs Sanni added that, “Women and girls make up nearly half of Nigeria’s population, and citizens under 35 years old account for at least 70% of the population.
“However, the full potential of these groups is often constrained by unequal access to power and resources, along with exclusionary norms, practices, laws, and policies. To harness the full potential of Nigeria’s population, the government must prioritize the empowerment of women and youth by ensuring equitable access to education, resources, and opportunities.
“Nigeria, with its rich diversity of over 250 ethnic groups, has long faced challenges related to tribal tensions and ethnic divides. This has contributed to a lack of unity as well as insecurity in some regions of the country.
“To achieve national unity and foster economic progress, it is crucial to strengthen societal cohesion and sociocultural ties through shared prosperity across regions.
“The government must prioritize policies that promote inclusivity, reduce inequalities, and encourage dialogue across different communities to build a more harmonious and prosperous society.”
On recommendations for possible turnaround, the President of the Association of Small Business Owners of Nigeria, ASBON, Dr. Femi Egbesola, said: “My immediate recommendation will be for the government to rejig the economic team, if really we expect different results.
“There is also a need for the government to prioritise the immediate and remote welfare of the citizens, particularly in the areas of their immediate needs.
“Government should be intentional about fighting corruption headlong as it is the root cause of the other many challenges we now contend with and is the monster fighting against some of the laudable policies of the government.
“Fighting corruption will also make the government more transparent. When the government is transparent and its citizens are able to see and understand the workings of government, they will also be able to contribute to the government’s development agenda and will naturally be more cooperative.
Non-oil sectors
“It is important that government focus heavily on improving ease of doing business and developing the key economic sectors, one mainly is the MSME sector that creates 96% of businesses and employs 84% of the workforce.
“This sector which also includes agriculture, must be supported to grow and scale up to the point of not just sustaining our local production demands but should be able to actively export to earn enough forex to the country. We just must improve and support non-oil exports.”
On his recommendation to fix the economy, Prof. Uche Uwaleke, President, Association of Capital Market Academics of Nigeria, ACMAN, said: “Going forward, what has become obvious is that the energy sector requires urgent reforms beginning with the NNPCL.
“I also think that fiscal and monetary authorities must acknowledge that the agric sector holds the key to lower inflation, job opportunities and inclusive economic growth and should join hands to tackle the challenges.
“On its part, the CBN should reform and resuscitate targeted interventions in the Agric value chain while at the same time rethinking the current monetary policy stance that over-relies on blunt traditional tools.”
In his recommendation, Clifford Egbomeade, Public Analyst & Communications expert said: ‘‘To facilitate a turnaround, the government should focus on policy reforms that prioritise economic diversification, job creation, and social safety nets to cushion the impact on vulnerable populations.”