Bisola David
The President of the Chartered Institute of Stockbrokers, Oluwole Adeosun, and other economic stakeholders have suggested that implementing the Public-Private Partnership model and increasing tax revenue, as well as providing liquidity, will boost Nigeria’s GDP growth and development.
The Punch reported that the CIS released a statement stating that at the 2023 Annual National Workshop in Abuja, with the theme “Leveraging the Capital Market to drive Public-Private Partnership for effective National Economic Growth, Issues,” these were some of the solutions to Nigeria’s difficulties.
Speaking to the workshop attendees, Adeosun bemoaned the fact that Nigeria’s GDP had not grown by double digits since 2002, when the indicator increased by 15.33%. As stated by him, most of the fundamentals of the country’s economy were built in the 1970s and 1980s.
Adeosun clarified that the PPP model’s implementation would promote economic development and growth while rescuing millions of Nigerians from poverty.
“It has been demonstrated on a global scale that forming Public-Private Partnerships is one of the best ways to achieve rapid economic growth,” he stated.
“Although we acknowledge that Nigeria has attempted this to some degree, the focus has not been where it ought to be. At the Institute, we firmly believe that making the most of the capital market would boost public-private partnerships’ ability to propel Nigeria’s GDP growth.”
He added that over the next 30 years, the current infrastructure deficit is predicted to be $3 trillion, or 30% of the GDP, compared to 70% for other middle-income countries. “This represents a setback that requires fixing. At CIS, we think that our economy will be put on the correct track if the government demonstrates sincere care, kindness, creative thinking, patriotism, and political will.”
During his presentation on the subject of “Macro-Economic Policy Framework for Nigeria, the Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, clarified that in order to combat insecurity, rising inflation, and other macroeconomic whims afflicting Nigeria, the government must address the issue of liquidity.
“The fundamental economic issue facing Nigeria is illiquidity,” he stated. “Financial, currency or systemic illiquidity are some examples of this. The main causes of illiquidity are the difficulties in exporting goods and the incapacity of FDI to flourish because of an unfavourable business climate.
“Growth stems from liquidity. Nations need to provide proper liquidity. Nigeria should use its wealth of resources to expand its economy rather than depending just on tax revenue.”
