By Helen Oji
Experts in the nation’s capital market have described economic growth as panacea to most of Nigeria’s challenges, urging government to be strategic, if it wants to fast-track the country’s development.
They argued that Nigeria is currently facing huge growth challenge, noting that there was need to identify priority sectors and create incentives and palliatives to the sectors
They identified the nation’s socio-economic challenges to include; growth in agriculture, infrastructure, financial environment, and ease of doing business, human capital and security, nothing that as the economy shrinks, employment and other basic necessities of life shrinks.
According to the, no country can experience growth in nominal and real terms without deliberate policy of investment in infrastructure and ensuring improvement on these critical indices of enabling business environment.
They regretted that policy context in Nigeria has been designed to create market uncertainties in the last few year, urging government integrate capital market into public policy to create an enabling environment for investment, entrepreneurship and development
Specifically, a Chartered Stockbroker and Chief Executive Officer of Sofunix Investment and Communications, Sola Oni in a chat with The Guardian said: ” No country can experience growth in nominal and real terms without deliberate policy of investment in infrastructure.
The road network, waterways and airways must not be taken for granted while power supply should not be a game of trial and error. “These are some of the critical indices of enabling business environment.
Government should intensify efforts at developing the agricultural sector for increased food production and export opportunities to generate foreign exchange.
“The sector has a strong potential for employment of our youths and all categories of workforce.
The philosophy of Economic Recovery and Growth Plan (ERGP) should be vigorously pursued as diversification of our income base is no longer negotiable in an era where over-dependent on crude oil has become a major challenge,” he added.
The Head, Research and Investments, FSL Securities Limited, Victor Chiazor, insisted that the Nigerian economy urgently needs some form of boost to trigger the much needed development.
“To be factual, the government continues to be faced with revenue constrains but I believe that despite the headwinds, the economy can still grow. Sectors that are the largest contributor to GDP should be a prioritised as well as sectors that create more jobs like Agriculture and manufacturing.
Government should also support in improving the value chain in most of the non oil sectors which would also increase productivity.” An independent investor, Amaechi Egbo who argued that economic growth is the solution to most of Nigeria’s challenges, maintained that government must be strategic to propel growth in all indices.
He stressed the need for government to incentivize priority sectors and encourage them with palliatives in order to make these sectors more attractive for investment.
Egbo pointed out that the issue of unemployment should be a great source of concern to every Nigerian leader, adding that government must provide employment opportunities for the teeming youths to reduce the problem of restiveness to the barest minimum.
The President, Institute of Capital Market Registrars, Bayo Olugbemi said human capital development including training, as well as increased budget allocated to education must be given priority to propel sustainable economic .
“Massive fnding should be pumped into sectors like infrastructural development such as roads construction, power and rail transportation to bring about growth in our Economy.
Also, solid mineral and tourism development should be prioritised as it has great potential to bring more revenue to the nation.”