The former Governor of Lagos State, Mr. Akinwunmi Ambode said that increasing local production of goods and services should be the center of Nigeria’s economic policies.
He noted that such home grown solutions will not only help reduce foreign exchange rate but also address the various challenges impeding economic growth.
Ambode disclosed this at the Launch of Saint Racheal’s People Consulting and 2024 Leadership and Economic Summit titled: “Economic prosperity: The secrets of audacious leaders”, in Lagos.
He said: “If we don’t produce, we cannot reduce that foreign exchange (FX) rate.
“Everything we are doing whether it is the banks, it is the custom, it is the defense, if it should have something to do with production of goods and services, that should be the center of our economic policy.
“With the kind of numbers that Nigeria commands, in 2050, you are going to be the third largest population in the world. “So there is no developed nation that will love you for all these numbers but your potential for the future.”
On his part, the former Governor of Ekiti State, Dr. Kayode Fayemi recommended intensive skills development and reduction in population size for economic prosperity. “On your point about where Nigeria ought to be focusing on, particularly because of what our population is telling us, and where we are going to be in 2050, I think we’re going to be more strategic about skills development.
“As we’re growing in population, yes, we need to focus on population reduction. “But is it really that we have too many people? Or the people we have are not being fully utilized. I think it’s both.” Speaking on the theme of the Summit, Fayemi noted that leadership is about risk taking.
He explained that an audacious leader should have a clear sense of duty and preparation, shape the will of the people by his ideas, address followership, have top notch communication and priorities and be able to plan.
In his welcome address, the Chief Executive Officer, Saint Racheal’s Pharmaceuticals Nigeria Limited, Mr. Akinjide Adeosun, noted that the problem of stagflation the country is witnessing is due to 3 times increases in petrol price ,300 percent Naira devaluation and farmers unable to farm because of insecurity.
He added: “Nigeria must return to partial subsidy to ensure gains are felt by everyone.
“The provision of palliatives are not inclusive and not sustainable.
“ I recommend Nigeria engages the World Bank, Africa Development Bank or Afrexim Bank to pay subsidy direct to vendors to minimize probable maladministration of subsidy experienced in the past.” Professor Ndubisi Nwokoma of the University of Lagos State, noted that an unnecessary hike in the Monetary Policy Rate, MPR, was not necessary since inflation does not appear to be a monetary phenomenon.
He added: “Inflation is largely perceived as a cost-push phenomenon, hence there is need for fiscal policies that support current efforts by the Central Bank to curb inflation in order to protect the vulnerable in the country.
“Fiscal policy can help the economy to adapt to more volatile environments by investing in productive capacity, human capital, digitization, green energy and supply chain diversification.
“The authorities must ensure that the Cost of Governance is reduced across the three tiers of government.
“There is an urgent need for policymakers to restore macro-economic stability by expanding agricultural spending in order to achieve future resilience in the sector
