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The Federal Government has said plans were underway to move the gross domestic products (GDP) from the current 15 per cent to 25 per cent in the next two to four years.
Speaking at the Nigeria Employers’ Consultative Association (NECA) 62nd annual general meeting in Lagos, the Vice President, Professor Yemi Oshinbajo, who was represented by the former special adviser to the President on economic recovery, Mr. Yomi Dipeolu, said this would be achieved through the various economic policies being put together by the Federal Government.
He said government would intensify its efforts on diversification and the Economic Recovery and Growth Plan.
“Efforts made so far to reinvigorate the economy, include several economic and fiscal policies, which included rebuilding fiscal buffer, enhancing Forex reserve, improving the ease of doing business and focusing on import substitution,” he said.
The second vice president of NECA, Mr. Mauricio Alarcon, said challenges of operational hiccups experienced at the port had remained one year after the Presidential Executive Order to promote transparency and efficiency on operation.
He called for urgent infrastructural development at the Lagos Port as Nigeria has lost about N6 trillion across different sectors due to the Apapa gridlock.
“Survey by the OPS shows that Nigeria lost about N3.06 trillion on non-oil export and about N2.5 trillion earnings annually across the different sectors due to the Apapa gridlock,” Alarcon said.
He said now that the general election was over the federal government should look at reforms that would significantly impact on the economy.
“There is the need to fast-track infrastructural development at the Lagos Port, diversification programme, a market-driven foreign exchange management, sustain and significant reduction in the cost of governance. Government should also fast-track the passage of Petroleum Industry Governance Bill, a market driven electricity supply and billing system,” the NECA second vice president said.
He said the government should reform the oil and gas sector such as removing subsidy on the sale of petrol, which gulps about one trillion naira annually.
He added that the government must urgently tackle insecurity that has already increased unemployment and poverty in the country.
‘”Unemployment surged from 9.0 per cent in 2015 to 23.1 percent in third quarter of 2018, while inflation remains high in spite of tight monetary policy conditions. There is also spread of poverty. The economy need to recover,’’ he said.
To support business, Alarcon called on the government to ensure the patronage of made in Nigeria goods at all levels through promotion of standardisation and certification.
He called for a friendly regulatory regime focus on enabling businesses rather than crippling them and enforcement of harmonised taxes and levies by the joint Tax Board at all levels of government.
Mr. Uche Ekwe, chairman, International Relations unit of the Nigeria Labour Congress, said that there was the need for labour and NECA to collaborate to tackle economic challenges.
Ekwe who represented NLC president, Ayuba Wabba said that it was critical to create wealth for the nation, but wealth creation might not necessarily reduce poverty because of increase in population.
