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An investment consultant, Dr. Vincent Nwani, has said Nigeria would achieve desired economic growth, if government addressed the various threats prevalent in the country.
Nwani identified insecurity, late appointment of officials, bad behaviour, poverty and population growth as some of the threats to national growth.
“Nigeria is under all forms of attacks that impact its growth. The nation’s growth is so weak, at 2.0 per cent, when we should be desiring 6 to 10 per cent growth.
“The threats to this growth are both external and internal. The external threat is the oil market price.
“The price of oil per barrel now is a threat to the nation’s budget and revenue. There is also the recent $9.6 billion judgement debt slammed on the country. If the country pays this amount in full sum, it is going to affect our foreign exchange, foreign reserves, and will cause inflation,” he said.
Nwani noted that the internal threats affecting Nigeria’s economic growth included late appointment of government officials and poor technology.
“We have seen a situation where governance structure and intentions are not well drilled down. For instance, the ministers were appointed last week, which is three months after the administration took off. This is not good news for investors, both local and domestic. We have also seen government reacting in different ways to ensure that the economy stands, ” he said.
He urged government to pay more attention to security, saying nobody could do business in any society without adequate security.
