The Nigerian government has been asked to learn from the United States of America’s intervention measures to get out of the economic recession by funding private sector businesses.
A legal practitioner and human rights activist, Mr. Frank Tietie said in a special programme “In the News” on Voice of Nigeria that investments in the establishment of private refineries and power generation licenses issued by the government were yet to take off based on lack of funding.
Mr. Tietie said Nigeria needs to have an economy driven by the private sector but must be supported by the government especially now that the nation is in recession.
He said ” in the United States, what they have done was to inject more money into the automobile industry particularly in Detroit and you saw the outcome as $700billion was given to kick start private businesses in the auto industries”
Tietie said massive investments in the construction activities and housing delivery to address the deficit will create jobs and accelerate the process to get out of the recession in Nigeria.
“It takes time for things to pick up, so when you begin to see the plans to make massive investments in construction activities those things have the spiral effects of creating jobs and stimulating the economy”
He added that “we need to have an economy driven by the private sector and reduce the cost of governance at all levels in Nigeria”
Tietie said there are two key areas that Nigeria could stimulate the economy out of the recession which includes investments in housing and agriculture based on their potentials to create jobs and fast track the process of getting out of the economic challenges.
Nigeria at 56
Tietie said Nigeria is a shining example to the rest of the world that Nigerians as people are able to stay together and survive after fifty six years of independence.
“We have been a resilient people and against all odds we have been able to survive as a country. So in describing Nigeria’s journey to nationhood, we have done well because we had so many challenges that other countries could not survive but we have survived made progress and Nigerians are very much hopeful with the minds set that things will definitely gets better than they have always been” he said.
He advised Nigerian government to live up to its obligations to the people now that things are changing for the better in the country.
Tietie called for more laws to promote the harnessing of the benefits of ICT for Nigeria to compete favourably with other countries like India for ICT jobs through outsourcing by developed nations especially under the recession.
“There is need for some liberalisation in that area so that businesses can easily start so that we can compete with countries like India. How many outsourced jobs have we received from US or Europe? So we need to get laws that will liberalisation the economic environment” he explained.
He said all these efforts would help tackle the problems of unemployment that has been affecting most parts of the world and assured the people that Nigeria has cheap, large and qualified labour and what is required is the enabling environment.
” Nigeria can’t continue to rely on commodity funded economy and the recession is a form of transition from a commodity reliant economy to an economy that will want to compete with the rest of the world by relying on other forms of resources particularly human resources”
He assured Nigerians that the present efforts to improve on the ways of doing things by the government would ensure that the costs of governance are reduced to the barest minimum for the desired strategy required to get out of recession.