Experts urge President-elect Tinubu to industrialise economy, reduce poverty
Some financial experts have advised the president-elect, Bola Tinubu, to adopt policies to ensure Nigeria moves from a developing nation to an industrialised economy.
In separate interviews on Tuesday in Lagos, they said such policies would help to accelerate national development and reduce the poverty level in the country.
The president of the Standard Shareholders Association of Nigeria (SSAN), Godwin Anono, said that the government investing heavily in critical infrastructure could assist Nigeria with its industrialisation plan.
He said such investment would spur more development in the country and further lift people out of poverty.
Mr Anono 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, Muda Yusuf, chief executive officer, Centre 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.
Mr Yusuf said the incoming government could also urgently initiate broad policies to engender investment confidence.
“This will deepen its legitimacy and serves as a framework for quality governance in the country.
“This will entail having a credible economic team across the country, and that will drive the reform the economy needs for growth,” Mr Yusuf said.
He noted that the incoming government must move from a rent-seeking economy to more producing locally to achieve the much-needed development.
Also, Nerus Ekezie, former director of National Association of Small and Medium Enterprises (NASME), said the president-elect could initiate innovative policies to transform the SME sector.
“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.