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Nigeria’s economy can be transformed into a modern and globally competitive one if only it can let go of subsidies and channel the money into infrastructure development and investment.
This was the view of the Nigerian Economic Summit Group (NESG) during the launch of its documentary titled “In The National Interest” and coffee table photo book in Lagos recently.
Speaking at the ceremony, member of the NESG Board, Udeme Ufot, noted that a lot of policies supported by the Economic Summit Group have been implemented, even though it is not at the desired pace. He reiterated that there was a need for Nigeria to let go of subsidies and channel the money into infrastructure and investment while adding that the NESG will continue to dialogue and ensure the growth of the Nigerian economy.
Also speaking, Chief Executive Officer, Laoye Jaiyeola, said Nigeria’s population doubles every 30 years and that there was a need to double infrastructural, social and human capital development to meet up with population growth.
He said Nigeria needs to invest in its people and the economy to fasttrack development adding that NESG believes in a free market economy and that it was important for the transformation of the Nigerian economy into a modern and globally competitive one.
“The government will say that revenues are not enough and that it is not a debt problem but the truth is that if a country’s revenue is good enough and expenditure is effective, then debt will not rise. But if the revenue is not enough and you are just spending and spending, then there is bound to be problems.
Looking at our budget which is up to N10 trillion, our revenue will just be about N8 trillion, so there is a gap and so the quality of expenditure needs to be seen as this might reduce the deficit and we will not have the need to borrow”, Jaiyeola explained.
