Bola Wilson Adekumola
Financial experts have called on the President-elect, Asiwaju Bola Tinubu, to adopt policies that will enhance the local production to mitigate importation into the country.
The experts made this disclosure in separate interviews with the News Agency of Nigeria on Tuesday in Lagos.
The 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.
While advising incoming administration to appoint a competent management team, he noted that would implement reforms for the nation’s development and deal with the structural challenges in the economy.
Unegbu urged the incoming president to also fix the challenges of the banking system so as to improve 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
He cautioned the president-elect against Bretton Wood institutions and their advisories toward the country.
“The Bretton Wood institutions which comprise the World Bank and International Monetary Fund economic advice 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.
While advising the president-elect to unite the various ethnic groups in the country, he noted that they are already divided after the general election, adding, “This not is not good for the growth and development as a people,” he noted.
Speaking, lecturer of Economics at Pan Atlantic University, Dr Bright Eregha, urged Tinubu to employ a unique style of development such as the Singaporean model, where the emphasis to choose leaders is based on meritocracy.
“We expect the president-elect to have honest dealings with the people and be pragmatic with his policies,” Eregha said.
He stated that the incoming president should form policies that would sustain growth over a long time to improve productivity and enhance development for the country.
“As the people need the much-needed economic growth to change our trajectory currently,” Eregha said.
In his own word, the President of Standard Shareholders Association of Nigeria, Mr Godwin Anono said the president-elect should infrastructural development a focal point.
“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 stressed further that the incoming government should focus on empowering the youth because they are the country’s most resourced assets.