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No single short term solution to fix economy—Presidential aide


By Ibukun Emiola
Ibadan – The Special Adviser to the President on Economic Matters, Dr Adeyemi Dipeolu, says  there is no single short term  solution to promote economic development in the country.

Dipeolu stated this on Wednesday in Ibadan at a  seminar on the national economy organised by the Ibadan Business School of Government  and Public Policy.

He said focusing on the financial sector only may not  achieve the desired purpose as all sectors must be taken into consideration in the economic growth plan.

“There is a simultaneous raft of things that must be done: giving skills to young people so that they can work at factories.

“Pushing technology, so that we can be at the cutting edge of global development; There is the while micro-economic issue; priorities in the micro economic sector; the boosting of revenue.’’

Dipeolu further said that the present administration had evolved  the Economic Recovery Growth Plan (ERGP) which was  being implemented to take care of most of the challenges facing economy.

According to Dipeolu, ERGP has started to yield result as the  foreign reserves had risen to $40 billion pushing the country out of recession in 2017.

He highlighted other areas in which the country was making progress to include  bringing in over 800,000 new companies into the tax net and increasing  power generation as well as boosting  manufacturing as well as transportation.

In his lecture entitled,  “Transition from Bust to Boom- Fiscal, Financial and Infrastructure Option, ”  an economist, Dr Ayo Teriba,  said  some of the challenges  facing  the  economy include dearth of  finance for the private sector and inadequate  infrastructure.

“Nigeria does not have to be doing nothing in the face of the bust; there are things that Nigeria can do to unleash government revenue, unleash private financing and unlock infrastructure,’’ he said.

He urged  government to liberalise all sectors as well as create  joint ventures as was done  in the telecommunication sector  and downstream sector of the petroleum industry.

In his address at the seminar,  the Executive Vice Chairman of  the school,  Dr Tunde Olaopa, said the institution  is an independent think tank committed to raising the bar of reflection on how government could  work better through research and provision of innovative platform.

“The purpose is to deepen policy work while at once raising the bar of discourse of policy makers, public managers and development workers, ” he said.(NAN)

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