Experts advice President Tinubu on path way to grow Nigeria’s economy

Economic experts have advised the new administration of President Bola Ahmed Tinubu to deploy strategies of addressing the persistent inefficiency in mobilizing and managing revenue collection as this could transform the nation’s economy and reduce its debt burden.

The experts expressed this recommendations at the book launch titled ‘’Nigeria In Figures ( A socio-economic data book) authored by Dr.Afolabi Olowookere, who is also the Chief Executive Officer/ Chief Economist, Analyst’ Data Services & Resources (ADSR).

Speaking at a Roundtable Discourse with the theme, ‘Nigeria’s socio-economic performance since 1999: Lessons for New Policymakers’ in Lagos on Thursday, the experts reckoned that Nigeria’s economy had massively under-developed and that it was time for the new administration to ensure that adequate measures are taken to tackle the challenges of infrastructure, policy environment, power among other sectors.

Professor Bright Eregha, who reviewed the book stated that the country was replete with a lot of administrative data but was yet to develop a dashboard to keep a track of its developmental projects which have in turn rendered policies ineffective.

Eregha explained that the book focused on key developments since 1999 till date; National figures on various sectors in the economy, Regional figures; State figures and Performance scorecard of the Nigerian economy.

“Nigeria currently has a big funding squeeze and without having sufficient data to track our level of progress, this adds to our debt burden, hence the reason for having challenges with external financing”.

Speaking further, Chief Economist and Director, Research and Development at Nigerian Economic Summit Group (NESG), Dr. Olusegun Omisakin, said, it was time for Nigeria to shift from sources of revenue to efficient mobilization and management of revenue collection.

“I do not subscribe to that narrative that Nigerians are paying lower taxes compared to other countries. That is not true because we provide light, water ourselves and so the government is not about how the government can have sources of revenue collections, it is rather about how the government can block leakages in the tax system. Our revenue generation and mobilization has not been fantastic and so until we address efficiency in our revenue mobilization, management and spending, we will keep looking at the debt crisis.

‘’We are paying huge taxes in this country and the government has sources of revenue generation but we have a problem with revenue mobilization efficiency, management efficiencies”, Omisakin said.

Sharing her thoughts also, the Chief Executive Officer, Emerging Africa Group, Toyin Sanni, heaped the challenges that have negatively affected Nigeria over the time on the unfavourable policies and infrastructure environment.

“When you look at what has been happening over time, the private sector has to practically create its own infrastructure which makes us uncompetitive and our investments unsustainable. Going forward, I think the private sector should be made to participate in policy decisions and encouraged to invest. We need to have a clear plan on how we are going to meet the significant infrastructure plan. Doling out cash to people will not stimulate productivity rather they should find a way to support people by bringing them into the system”, Sanni said.

Sanni also made it clear that, “The only way that this foreign investment can come is by investments in businesses in Nigeria, and the nature of the investment is either foreign direct investment or foreign portfolio investments. For foreign direct investments, our business environment, investors need to know that they can access the foreign exchange to repatriate their investments when they need it and of course, for foreign portfolio investments, our capital markets must also be supported, the policies must be favorable”.