Nigeria: Experts urge Tinubu to industralise economy, reduce poverty level

Some financial experts have advised the President-elect, Sen. Bola Tinubu, to adopt policies that would ensure Nigeria moves from a developing  nation to an industralised economy.

They gave the advice in separate interviews with the News Agency of Nigeria (NAN) in Tuesday in Lagos.

They said such policies would help to accelerate national development and reduce the poverty level in the country.

The President,  Standard Shareholders Association of Nigeria(SSAN), Mr Godwin Anono, said that government investing heavily in critical infrastructure could assist Nigeria with its industralisation plan.

According to him, such investment will spur more development in the country.

“Then, our people will be lifted out of poverty and wealth will begin to be created overtime,” Anono said.

He noted that the incoming president could also focus more on enhancing the business environment to achieve the industrialisation plan.

“Improving the business climate is imperative to attract more Foreign Direct Investment (FDI) into the country.

“This will enhance our foreign exchange inflows and ensures that our economy becomes a hub for international businesses,” he said.

Also speaking, Dr Muda Yusuf, Chief Executive Officer, Center for the Promotion of Private Enterprise, said the president-elect could have a committee that would recommend and implement such policies on behalf of the economy.

Yusuf said that the incoming government could also urgently initiate a set of broad polices that would engender investment confidence.

“This will deepen its legitimacy and serves as a framework for quality governance in the country.

“This will entails having a credible economic team across the country and that will drive the reform the economy needs for growth,” Yusuf said.

He noted that the incoming government must endeavour to move away from a rent seeking economy to more of producing locally to achieve the much needed development.

“We must move beyond getting only royalties from multinational companies and focus more on local production to change our narrative,” Yusuf said.

Also, Mr Nerus Ekezie, former Director, National Association of Small and Medium Enterprise (NASME), said the president elect could initiate innovative policies geared at transforming the SME sector.

“We expect the incoming government to initiate appropriate polices for the sector and engage with various stakeholders because of their contribution to the economy.

“The government intervention should come through appropriate channels to get to the right beneficiaries and formalise many of our informal businesses,” he said.

He noted that the incoming regime should be cautious about implementing policies, to avoid some mistakes made from previous interventions for the sector.

NAN reports that the electoral commission, INEC, has declared Tinubu, the candidate of Nigeria’s ruling party,  APC, as the winner of Saturday’s presidential election.

Tinubu defeated 17 other candidates who took part in the election.

He scored a total of 8,794,726 votes, the highest of all the candidates, thus meeting the first constitutional requirement to be declared the winner.

He also scored over 25 per cent of the votes cast in 30 states, more than the 24 states constitutionally required.