Financial experts have advised the President-elect, Sen. Bola Tinubu, to adopt policies that will enhance the local productive capacity to check importation into the country.
They gave the advice in separate interviews with the media on Tuesday in Lagos.
Mr. Okechukwu Unegbu, former President of the Chartered Institute of Bankers of Nigeria, urged the President-elect to initiate economic policies that would boost domestic production.
“Adopting macro-economic policies geared at enhancing productive capacity is imperative to reduce importation into our shores.
“This will spur our ability to achieve self-reliance and begin to create wealth over time,” Unegbu said.
He urged the incoming administration to appoint a competent management team that would implement reforms for the nation’s development and addresses the structural challenges in the economy.
Unegbu added that the incoming president should consider reforming the banking system so as to give more emphasis on enhancing the productive sector.
“The banking system has deviated from its purpose which is to support budding businesses and currently deprives customers of their hard-earned money.
“Their action is negating prospective businesses and does not serve the interest of the public,” Unegbu
said.
He noted that the president-elect should be cautious of the Bretton Wood institutions and their advisories toward the country.
“The Bretton Wood institutions which comprise the World Bank and International Monetary Fund economic advice are most suitable for the First World countries.
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“But their theories of economic development cannot be suitable for our country because we are an emerging economy with unique peculiarities,” Unegbu added.
He said the President-elect should unite the various ethnic groups in the country, noting that are deeply divided after the general election.
This is not good for our growth and development as a people,” he noted.
Also speaking, Dr. Bright Eregha, lecturer of Economics at Pan Atlantic University, called on Tinubu to adopt a unique style of development such as the Singaporean model, where the emphasis to choose leaders is based on meritocracy.
“We expect the president-elect to have honest dealings with the people and be pragmatic with his policies,” Eregha said.
He noted that the incoming president should initiate policies that would have sustained growth over a long time to enhance productivity and spur development for the country.
“As the people need the much-needed economic growth to change our trajectory currently,” Eregha said.
Mr. Godwin Anono, the President, of Standard Shareholders Association of Nigeria, said the president-elect should place emphasis on infrastructural development.
“More investment in electricity will enhance our productivity and create employment across the country.
“This will, over time, reduce the level of poverty in the country,” Anono said.
He noted that the incoming government should focus on empowering the youth because they are the country’s most resourced assets.
