Restructuring, Support For Private Sector Key To Economy Growth, Says Atiku

The presidential candidate of People Democratic Party (PDP) and former vice president of Nigeria,  Abubakar Atiku, has emphasised the need for significant restructuring of the economy and support for the private sector to unleash its growth potential and play a key role in the economy.

Atiku stated this at the private sector economic forum for the 2023 presidential election organised by the Lagos Chamber of Commerce and Industry (LCCI), held yesterday in Lagos.

Speaking on his vision for the economy, Atiku stated that,  ‘our economic growth and development agenda seeks primarily to stimulate the growth of the economy.’

He noted that this envision an economy that is modern, dynamic, and competitive, capable of taking its rightful place among the top 20 economies of the world, saying, Nigeria has the potential to double its GDP by 2030 and achieve a per capita income of approximately $5,000.

“We anticipate growth from our policies that seek to revitalize the real sectors including agriculture,manufacturing and MSMEs. Re-building and reducing infrastructure deficit will enhance the carrying capacity of the economy and unleash growth and wealth creation. We will elevate production for export to a top policy priority and long-term investment priority and promote export of manufactured goods.

“We cannot overcome our economic challenge without significant reforms to re-structure the economy and to support the private sector to unleash its growth potential and play a key role in the economy. A strong, productive and pro-growth private sector is needed to craete wealth, generate employment opportunity, and help fight poverty,” he said.

He promised to ensure restoration of investor confidence in the economy to take risk and invest capital.

H, however, said economic growth will be meaningless unless the citizens enjoy the benefit of growth include access to job, higher incomes and enhanced access to social amenities, saying that poverty reduction shall be the centre piece of our economic development agenda.

The president of LCCI, Dr. Michael Olawale-Cole said: “while the chamber is non-partisan, we are however interested in the economic agenda of the candidates and their plans to make a better nigeria in the next dispensation.”

According to Olawale-Cole, the chamber is aware of the overshadowing effect of politics over economics in managing the Nigerian economy and would therefore wish to contribute to the setting of a new economic order that can take our economy from the doldrums.

To him, ‘new policy directions, institutional reforms, and sound governance are critical to creating a new economic order in Nigeria.’

He pointed out that, for the past 16 years; the LCCI has organised this session in every election cycle as a part of its public policy advocacy to provide a first-hand opportunity for presidential candidates of the leading political parties to speak to the organised private sector (OPS) on their economic blueprint for Nigeria.

He added that “beyond economic management, we understand that countries rise or fall through leadership and governance. Nigerians have another opportunity to decide who leads them in the next four years from 2023 to 2027.

“The Nigerian economy has been inundated with a myriad of problems among which are oil theft, an unsustainable subsidy regime, insecurity, and a foreign exchange crisis.

“However, despite all these challenges, the prospects and future remains bright for the nigerian economy. Nigeria is the largest economy on the african continent with an output in the region of almost half a trillion dollars in nominal terms. The country is also hugely endowed by human and natural resources.”