Some top industrialists and financial experts on Tuesday urged the Federal Government to do all within its power to strengthen growth-stimulating sectors like manufacturing and agriculture.
The experts gave the advice at the 6th National Economic Outlook Session, organised by the Chartered Institute of Bankers of Nigeria (CIBN), in collaboration with B.Adedipe Associates Limited (BAA), in Lagos.
According to the experts, such sectors have immense potential to be the powerhouse of the Nigerian economy.
The theme for the forum was ” Managing Potential Risks, unlocking New Growth Opportunities and Influencing Government “.
The Special Adviser to the Deputy Governor, Economic Policy Directorate, CBN, Dr Emmanuel Adamgbe, urged government to work toward enhanced growth through the manufacturing and agricultural sectors.
Adamgbe said that the outlook for Nigeria’s domestic economy was predicated on some tail wings, which include deploying funds to critical infrastructural projects to stimulate growth.
He listed others as sustenance of peace in the Niger Delta and North East regions to improve oil production, as well as eradicating Boko Haram menace to enhance growth-stimulating sectors like manufacturing and agriculture.
Adamgbe, represented by Dr Joseph Nnanna, projected stable and positive economic growth, though at a slower pace.
He said the outlook was anchored on higher oil-based prices and production and continued reforms in the foreign exchange markets, among others.
The special adviser said for Nigeria to achieve the growth projections, there was need for effective implementation of the Economic Recovery and Growth Plan.
He said that diversifying government revenue sources, sustaining the current foreign exchange stability by the banks, addressing insecurity in the country and increasing the contribution of the non oil sector would also aid Nigeria’s economic growth.
The Chief Consultant, B.Adedipe Associates Ltd, Dr ‘Biodun Adedipe, while giving an overview of the economy and 2020 outlook, called on government to employ Public Private Partnership to deliver infrastructure in the country.
“Government should focus on human capital development, private sector participation in infrastructure development.
” Private developers are more cost efficient and time efficient than public entities, ” he said.
According to him, there is also need to give incentives to local manufacturing.
Earlier, Dr Uche Olowu, CIBN President/Chairman, called on leaders and the banking community to jointly support the manufacturing sector.
” I will like to use this unique opportunity to call on our leaders and the banking community to jointly avail further support to this sector.
“Support should come in terms of greater financial investment, improved infrastructure such as improved power supply, road networks, capacity building (staff training) as well as special policies to encourage indigenous operators like granting tax relief,” he said.
Olowu also urged government to look inward to resolve gaps in demand for both consumer and industrial goods.
According to him, the gaps are the border closure, policy and free trade agreement.
He advised government to develop the capacity to compete in an increasing globalized market.
