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At Aregbesola’s Colloquium, stakeholders suggest keys to unlocking mass prosperity in Nigeria

Experts and stakeholders have said that better governance, development of innovative framework, investment in technology and employment are key to unlocking mass prosperity in Nigeria.

The experts and stakeholders spoke at the virtual Rauf Aregbesola Colloquium 2020, marking the 63rd birthday anniversary of the former Osun State Governor and current Minister of Interior, credited with infrastructural development in the Southwestern State.

Speaking on the topic: “Unlock Mass Prosperity Through Better Governance”, Joe Abba, Country Director of DAI, an international development company, said there was need for government to finance sustainable development and strengthened public and private partnership for rapid economic and infrastructural development.

Abba also called for the reduction in the cost of governance and cutting waste by implementing the Orunsoye report to merge some agencies to reduce pressure on the national treasury.

He suggested that government should: “Widen the tax net and invest in tax collection. Invest in the public sector and tie investment to productivity. Each state should focus on its competitive advantage and raise productive capacity.

Also speaking, Yemi Cardosor, Chairman of Citibank, said it was important for Nigeria to develop an innovative framework to align to its growth strategy with its changing factor endorsement and evaluate comparative advantage over time.

He further said the country should produce a roadmap with key elements of a strategy for it to return to faster more sustainable and more inclusive growth that is consistent with its comparative advantage such as in the petrochemicals and produce consumer electronics.

On her part, Hajara Adeola, the Managing Director of Lotus Capital Limited said mass prosperity can be attained through mass employment and economic activities that have multiplier effects.

She also said there should be huge investment in education and technology which are key to development globally, adding that women should be included in economic activities for gender balance with much attention to the girl child education.

Adeola said domestic production should be stimulated through insistence on the use of made in Nigeria products including automobiles while electricity should be decentralized for the benefit of all Nigerians.

Similarly, the Kaduna State Governor, Nasir El-Rufai called for investment in technology and urged government at all levels to play interventionist roles as obtainable in China which is now world economic and technological giant.

He also called on Nigeria and other African countries to learn from the current Covid-19 to become more nationalistic as certain situations would not get international support

El-Rufai disclosed that he would take the suggestions at the colloquium to the  National Economic Sustainability Committee of Federal where he represents Governors for consideration and implementation.

Earlier, the Statistician General of the Federation, Yemi Kale called for stimulated growth to address unemployment, increase sector formalization and tax to foster development.

He said the recently released poverty data reveals policy -relevant insights to inform interventions aimed at resolving the poverty situation in the country, particularly at the sub-national levels.

Kale proposed that for poverty to be addressed at the states level, unemployment should be tackled and there should be increased formalization of the informal sector as well as design of appropriate tax systems to extract revenue from economic activities.

 

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