The presidential candidate of the Peoples Democratic Party, Atiku Abubakar, and Peter Obi of Labour Party have said they will pursue holistic economic diversification policy with strong private sector involvement to boost the naira if elected.
The two presidential hopeful reiterated their commitment to reviving the Nigerian economy when they spoke in Lagos at the 2022 Lagos Business School Alumni’s Conference, with the theme ‘Leadership Imperative’.
In attendance were Bisi Lamikanra, the conference chairperson; Bismarck Rewane, managing director, Financial Derivatives Company; Agada Apochi, president, Lagos Business School Alumni Association; and Chris Ogbechie, professor and dean of Lagos Business School.
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The two sessions were Atiku and Obi spoke were moderated by Franklin Ngwu, an associate professor of strategy, corporate governance and risk management at the Lagos Business School, and Muda Yusuf, founder/CEO, Centre for the Promotion of Private Enterprises.
Atiku identified structural bottlenecks that are noticeable in inactive refineries, delay in clearance of goods at the ports, and subsidy as constituting drains on Nigeria’s resources and external reserves, and they must be addressed to have a strong naira.
“I was appointed as the chairman of the committee on the removal of subsidy and we recommended that subsidy be removed in four phases. Since we left, nobody has said anything about the report,” Atiku said.
He added that subsidy removal and the privatisation of refineries required political commitment, which he was prepared to demonstrate should he win next year’s presidential election.
“My five-point policy agenda is a summation of the problems I observed in my role as a private sector investor, and those five points are the solutions required by every business,” he said, adding that Nigeria needs to review its constitution to ensure the continued existence of this country.
Obi said naira is under pressure because Nigeria is a consuming nation, and to reverse the downward trend in the values of the naira relative to other currencies, Nigeria must become a producing nation.
“We cannot be dependent on crude oil revenue alone that gives us less than $20 billion. The economy must be diversified to ensure steady inflow of revenues from many sources,” Obi said.
He listed some of the reforms he would execute if he wins next year’s presidential election to include the introduction of private public partnership to enhance the efficiency of Nigerian ports, as well as encourage the return of Nigerians in the diaspora into the country through a policy he regards as “brain gain”.
“Subsidy is not sustainable, and it will be removed by my administration should we win. I will support investors who are interested in setting up refineries in the country, and on-going refinery projects will be supported,” Obi said.
Rewane, while making his presentation, urged Nigerians to ensure the emergence of good leadership who will formulate good policies and build strong institutions.
“Strong institutions outlive leaders. Between 1999 and 2007, we had good leadership and policies but not strong institutions. The economic gains of those years could not be sustained,” Rewane said.
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