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By Merit Ibe
Major stakeholders in the Organised Private Sector (OPS) have given directions to the incoming administration of President-elect, Bola Ahmed Tinubu, on ways to revamp the ailing economy and other issues confronting the country.
The OPS, which include the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agnculture (NACCIMA), Federal Institute of Industrial Research, Oshodi (FIIRO) and others, made this known at an event organised by the Commerce and Industry Correspondents Association of Nigeria (CICAN).
The event was themed: “Agenda Setting For the Incoming Federal Government Administration/Investiture of New Executive”.
Immediate past president, Lagos Chamber of Commerce and Industry (LCCI), Mrs. Toki Mabogunje, noted that the rising debt profile, forex liquidity concerns, contracting disposable incomes, rising inflation, escalating unemployment, business disruptions and Investment uncertainties are like a clog in the wheels of Nigeria’s economy.
Mabogunje therefore, called on the new administration/policymakers to expeditiously develop a framework that would ensure the country has a well-diversified revenue base, as this would help macroeconomic stability.
MAN president, Otunba Meshioye Francis, who was represented by Ambrose Oruche, the Head, Communications, acknowledged that the magnitude of the responsibility awaiting the new administration is enormous and demanding high senses of determination, and resourcefulness, noting that almost all parts of the economy are presently in shambles.
He mentioned that these crises range from political and social rascality to arrays of economic imbalances, Economic imbalances in terms of multiple taxes, fees, and levies imposed by all tiers of government, forex scarcity, a bourgeoning borrowing interest rate, energy insecurity, and an infrastructural deficit in a highly inflationary environment.
Dr. Chima C. Igwe, former Chief Executive Officer, Federal Institute of Industrial Research, Oshodi (FIIRO), urged the incoming government to leverage on science and technology and Industrialization/increased investment (local/foreign), among others, to tackle the country’s problems.
