By Simon Akoje
With a population of over 200 million people, Nigeria is considered one of the most viable investment destinations in the world.
Many economic experts believe that this robust population should translate to economic benefits that would propel the country to growth and prosperity.
However, past administrations have failed to harness the potential of Nigeria’s huge population to transform the economy.
But the Bola Tinubu administration decided to take up the challenge of transforming the Nigerian economy from the outset of his administration.
The president promised during his inauguration to revive the economy and make it a 1 trillion-dollar economy before the end of the decade.
The optimism is based on the various policies initiated by President Tinubu when he was sworn-in on May 29, 2023.
In his inaugural speech, Tinubu raised the hope of Nigerians that his administration would “remodel the economy to bring about growth and development through job creation, food security and an end to extreme poverty.”
This, he noted, would be achieved by tapping the potential of the economy for the good of the people.
The new government initiated bold steps as part of its economic reform programmes, which included removal of petroleum subsidy and unification of the foreign exchange windows.
This, the Tinubu administration did to attract private capital and leapfrog the economy.
But the Manufacturers Association of Nigeria (MAN) believes that for the Tinubu administration to fast-track the actualisation of 1 trillion-dollar economy, there is need for the Central Bank of Nigeria (CBN) to develop a sustainable framework.
According to the association, this will help to channel credit into the manufacturing sector outside direct interventions by banks.
However, Agusto and Co, a Nigerian credit rating company, sees the plan to attain 1 trillion dollars Gross Domestic Products (GDP) by 2026 as a tall order.
Its position is based on the recent downgrading of Nigeria from first to the fourth largest economy in Africa in terms of GDP by the International Monetary Fund (IMF).
Mr Okechukwu Unegbu, a former President of Chartered Institute of Bankers of Nigeria (CIBN), said to attain the 1 trillion-dollar economy, the government should ensure macro-economic stability to attract Foreign Direct Investment (FDI) into the Nigerian economy.
While pleading with the government to improve the nation’s fiscal revenues to address developmental challenges associated with attaining a trillion dollar economy, the financial expert suggested the revenue generating agencies of government must seal all leakages through system automation to entrench transparency.
Another major solution, according to him, is that the government must prioritise infrastructure renewal to open up the domestic economy.
Similarly, he said the government must dredge the various sea ports, especially in the Niger-Delta region to facilitate international trade.
Mr Moses Igbrude, National Coordinator, Independent Shareholders Association of Nigeria (ISAN), said the optimism starts and ends at the president’s desk depending on his determination to pursue the target set by policy makers.
Igbrude said there was need for a blueprint on the modalities for achieving the 1 trillion-dollar GDP.
He also said outlining the various stages of implementation, exportation of cash crops into the global market and growth of the domestic economy, would enhance the country’s foreign exchange, increase reserves and cater for other needs.
”For instance, such programme should be outlined from one stage of development to another to get the support of the people during its implementation,” Igbrude explained.
The perspective of Mr Nerus Ekezie, a former Director at National Association of Small and Medium Enterprises (NASME), differed as his narration was based on oil theft and destruction of oil installations in the Niger Delta region.
Proffering solution, he noted that this could be curbed with the installation of modern technological equipment.
If this formula is adapted, then, to Ekezie, “it will enable the government to meet the international oil quota by the Organisation of Petroleum Exporting Countries OPEC and boost our foreign exchange.”
According to him, the federal government can invest in appropriate data collection to harness the immense prospects of the solid minerals sub-sector, especially in the North Central region where minerals are domiciled and not yet adequately exploited.
“The sector has the capacity to reposition our economy if more emphasis is accorded to its development.
“The establishment of business clusters in the six geo-political zones and adequate budgetary allocation to the Small and Medium Enterprises (SME) sector because of its centrality to the development of any modern society, the nation’s economy will blossom,” he said. (NANFeatures)
