Business and economic experts have urged President-elect Bola Ahmed Tinubu to immediately commence preparations to hit the ground running once he is sworn in as president in order to arrest the current economic downtown.
Tinubu, who was returned as winner of the February 25, 2023 presidential elections by the Independent National Electoral Commission (INEC), was charged to focus more attention on economic revival by starting now to assemble his economic team.
The experts, who spoke in separate interviews with LEADERSHIP yesterday, noted that the incoming president had a lot on his sleeve to ensure the economy rebounds and stands tall among its counterparts globally.
The chief executive of Centre for Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said the president elect is expected to announce his economic team as soon as possible as this would facilitate the economic reforms that the country desperately needs.
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“We expect that he would have a very good economic team that will be able to come up with economic policies that are in line with global best practices that are sustainable.
“We would like to see a situation where the economic team has very robust imputes into the policy formulation and implementation processes. We want to see an acceleration of reforms in the area of foreing exchange which is extremely very urgent because of the distortions that the current forex policy has been creating in the economy.
“We would like to see a quick review of the CBN cashless policy because of the problem that it has been creating, especially in the rural economy and the informal sector. We also want to see reforms in the oil and gas sector very urgently and very frank commitment to the implementation of the Petroleum Industry Act (PIA) so that we can unlock investments very quickly in the oil and gas sector.
“We would like to see more aggressive push to secure energy security, as the power sector reform will need to move very fast so that we can attract a lot more private investment in the oil and gas sector. We need to see very quick action that will enable us to see the attraction of investments into infrastructure sector because the government alone cannot fix infrastructure.”
On his part, an economist, Tope Fasua, said if the incoming government is able to implement half or even 30 per cent of its manifesto, it would be enough to turn the country around. “He has committed to 10 per cent growth in GDP and I believe that he should strive towards that he has plans towards agriculture to encourage commodity exchange and to bring back commodity board. For transportation, we expect integrated transportation network water ways and metro systems in most of the state capitals connecting. I expect a social democracy that cares for the people while encouraging businesses without pushing the poor people to market forces
On his part, executive director of the Civil Society Legislative Advocacy Center (CISLAC), Auwwal Ibrahim Musa “Rafsanjani”, said, “We expect that the president-elect will focus on reviving the economy by first and foremost setting out an economic management team that will be saddled with the responsibility of looking at the various aspects of our economic policies and framework.
“I expect that building an economic team should start immediately, he does not need to wait and be like Buhari. All his team should be ready, and immediately he is sworn-in, they start to work, but informally he should commence the process of building a team now.”
Rafsanjani said he expects reforms in the area of taxation, trade and investment, on the ease of doing businesses and blocking leakages in the economy such as ensuring that oil theft is dealt with.
He also called for the revitalisation of industrialisation in Nigeira which includes reviving the Ajaokuta steel rolling company.
“We also need to get the incoming president to look at the maritime and ports authority because a lot of revenue is lost in that place. I also expect that the FIRS is completely reformed and they should get rid of people who give unnecessary waivers to companies that ought not the be given.
“Once he is able to do all these, we believe that job opportunities will come and investors who had lost confidence in the country will begin to invest. They must see how serious we are in revamping our policies that will guarantee their investments in Nigeira,” he said.
Meanwhile, the Nigerian Council of Registered Insurance Brokers (NCRIB) has felicitated with Asiwaju Bola Ahmed Tinubu on his victory at the presidential poll
The council, in a release signed by its president, Barrister Rotimi Edu, expressed the confidence of the council in the capability and robust pedigree of the president-elect to steer the ship of the nation.
Edu admonished him to focus on reflating the national economy, solving the problems of insecurity and unemployment, as well as uniting the different ethnic segments of the country, for a cohesive national aspiration.
The NCRIB president, particularly advised Asiwaju Tinubu to make conscious efforts to recognise the insurance industry as the pivotal risk management device in the country’s economic revival initiatives, in order to achieve enduring results, as obtained in developed climes where insurance serves as the nerve of economic development.
“It is the belief of our Council that given the required government support for the existing compulsory insurances and creation of more clement environment for insurance to thrive, the industry would be roused to its full potential of contributing more hugely to the nation’s Gross Domestic Product (GDP),” Edu said.
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