Some financial analysts have urged the Federal Government to diversify the nation’s economy to surpass the International Monetary Fund (IMF) growth projections.
They said this in separate interviews in Lagos on Friday.
The President, Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, said the country’s economy would grow above the IMF projections with enhanced investment in other sectors away from oil.
Okezie said the Federal Government should invest in the business environment of the mining sector to boost economic growth.
“We have yet to harness the large volumes of gold and other precious mineral deposits in the country.
“Exploiting it adequately could guarantee appreciable economic growth,” he said.
He noted that the monetary authority should reduce the hurdles faced by manufacturers to access foreign exchange to produce basic goods.
Okezie added the hospitality industry must be accorded the necessary support to engineer development to the economy.
“The government should enhance the hospitality business by investing more in critical infrastructure in the sector.
“The sector is a potential revenue spinner and a public relation tool that is yet to be harnessed,” Okezie said.
Also speaking, Dr Uju Ogubunka, a former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN), said the economy would grow because of the current price of crude oil.
“The price of crude oil has been on the increase over few months and that will trigger growth into the domestic economy.
“Since there are no immediate indications that the price will abate because the global economy is opening up in the midst of the COVID-19 pandemic,” Ogubunka said.
He called on the three tiers of government to encourage their people to get the COVID-19 jabs for the economy to recover fully and become strong again.
“If more Nigerians get the jabs it will serve as a hard immunity over the virus in the country.
“The economy can return to exponential growth in no distance time due to its enormous prospect,” he said.
The IMF has projected a 2.7 per cent growth for Nigeria in 2022 and 2.6 per cent growth for this year, citing recovery in non-oil sectors and the rising price of crude oil.
The IMF also projected that the Sub-Saharan economy will grow by 3.8 per cent in 2022 and by 3.7 per cent this year.
