Experts Tell President-Elect To Boost Local Production
Financial experts have advised Nigeria’s President-elect, Bola Tinubu to adopt policies that will enhance the local productive capacity to check importation into the country.
Former President of the Chartered Institute of Bankers of Nigeria, Mr Okechukwu Unegbu urged the President-elect to initiate economic policies that would boost domestic production.
“Adopting macro-economic policies geared at enhancing productive capacity is imperative to reduce importation into our shores.
“This will spur our ability to achieve self reliance and begin to create wealth over time,” Unegbu said.
Competent Management Team
Ge urged the incoming administration to appoint a competent management team that would implement reforms for the nation’s development and address the structural challenges in the economy.
Unegbu stated that the incoming president should consider reforming the banking system so as to give more emphasis on enhancing the productive sector.
“The banking system has deviated from its purpose which is to support budding businesses and currently depriving customers their hard earned money.
“Their action is negating prospective businesses and does not serve the interest of the public,” Unegbu said.
He noted that the president-elect should be cautious of the Bretton Wood institutions and their advisories toward the country.
“The Bretton Wood institutions which comprise the World Bank and International Monetary Fund economic advises are most suitable for the First World countries.
“But their theories of economic development cannot be suitable for our country because we are an emerging economy with unique peculiarities,” Unegbu added.
A lecturer of Economics at the Pan Atlantic University, Dr Bright Eregha called on Tinubu to adopt a unique style of development such as the Singaporean model, where emphasis to choose leaders was based on meritocracy.
“We expect the president-elect to have honest dealings with the people and be pragmatic with his polices,” Eregha said.
He noted that the incoming president should initiate policies that would have a sustained growth over a long time to enhance productivity and spur development for the country.
“As the people need the much-needed economic growth to change our trajectory currently,” he added.
The President, Standard Shareholders Association of Nigeria, Mr Godwin Anono said the president-elect should place emphasis on infrastructure development.
“More investment in electricity will enhance our productivity and create employment across the country.
“This will, over time, reduce the level of poverty in the country,” Anono said.
He added that the incoming government should focus on empowering the youth because they are the country’s most resourced assets.