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From Adanna Nnamani, Abuja
Former Minister of Industry, Trade and Investment and current Chairman, African Capital Alliance, Dr. Okechukwu Enelamah, has urged the Nigerian government to leverage the private sector and expand innovation hubs to accelerate economic growth and foster job creation amidst economic challenges.
Enelamah, who gave the charge at the Third Annual Nigeria Employers’ Summit in Abuja recently, stated that Nigeria is in a challenging but transitional period.
He emphasised the need for the government to create an enabling environment for foreign direct investment, highlighting the critical importance of policy stability and robust infrastructure.
According to the business expert, market policies should uphold the rule of law, thereby enhancing investor confidence and promoting industrial growth.
He said: “The current administration has introduced some bold reforms such as the unification of exchange rates, which has caused some volatility and adjustment pains in the short term. It is however expected to stabilize the Naira, making the market more attractive to foreign investors.
“The increase in the Monetary Policy Rate has effectively slowed down month-on-month inflation growth, with the IMF projecting inflation to stabilize at 24% by the end of 2024.
“Fiscal reforms such as the removal of fuel subsidies, estimated by the World Bank to save N11 trillion by 2025, have led to higher fuel prices.
However, these savings are now being redirected towards key sectors aimed at driving sustainable economic growth.
“Furthermore, through technology-driven tax reforms, the government is successfully increasing revenues by addressing leakages and expanding the tax base, while sectoral reforms continue to play a crucial role in Nigeria’s economic revitalization.”
“Digital transformation will streamline government operations, improve public service delivery, and foster innovation.
“Strategic partnerships inspired by models from South Korean Chaebols or Japanese Keiretsu, coupled with strong government support and incentives, are key to harnessing the private sector’s potential.
Leveraging technology through nationwide ICT expansion and innovation hubs will fast-track growth and create jobs. Ensuring robust infrastructure, policy stability, and a free market environment are essential to attracting foreign direct investment and fostering industrial growth.”
