Specialists discuss needs to reinvent Nigerian economy at 2015 FBNQuest investor confab

The need for Nigeria to revisit her economic policies, especially in the wake of low oil price and rising threats from declining revenue, got a boost recently at the 2015 annual FBNQuest Investor Conference, in Lagos.

Themed “Re-inventing the Nigerian Economy: Beyond the Rhetoric,” the meeting had in attendance stakeholders from the financial and economic sector as well as the oil and gas industry as guest speakers and panellists.

In his address, Kayode Akinkugbe, managing director/CEO, FBN Capital, said the theme was quite topical at this time, particularly with the wind of change currently sweeping the country.

According to him, “We want to explore what initiatives and policies are necessary to unlock the inherent potential in the Nigerian market. How we do more with less and boost revenue while instilling fiscal discipline; where we have examples of successful reforms; and how we unlock private sector funding sources.”

Daniel Altman, adjunct associate professor, New York University, delivering a presentation on the topic “When Reforms Work: Lessons from Emerging and Frontier Markets,” highlighted some impediments stalling economic growth in the country to include gender inequality, inadequate health coverage, over dependence on oil, obsolete taxing system, etc.

“There is need to expand the health coverage, give land titles to the poor, enact a modern competition law, negotiate a trade agreement with a major economy, create an autonomous anti-corruption authority, implement a quota for women in the National Assembly as well as install a flat tax for simplicity and transparency during the economic transition,” he said.

Positive that the nation can still boost its revenue despite the current decline in growth, Temitope Oshikoya, CEO, Nextnomics, and Ayo Teriba, CEO, economic associates, both panellists at the first session spoke on how the Federal Government could boost its revenue while instilling fiscal discipline.

According to Oshikoya, while it focuses on blocking bottleneck leakages, there is also need to show how much the transition to blocking leakages is impacting on the GDP. He called for the removal of subsidy, stating that instead, it should be diverted towards social welfare programme.

Victor Eromosele, CEO, ME Consulting, who spoke on the topic “Reinventing and adequately financing the Nigerian Petroleum industry,” said persistent oil prices compel a more efficient industry; both public and private. “The good news is that even under a low oil price regime, opportunities exist and those opportunities deserve financing, despite the flight to safety and quality,” he said.