By Eberechi Obinagwam
As Nigeria draws closer to the 2023 general election, some private sectors in the state have plotted out some critical issues that have affected the growth of the economy.
Stakeholders at a National Economic Dialogue organised by the Nigeria Employers Consultative Association, NECA with the theme: Promoting a Novel Approach to Policy Design Implementation and Monitoring in 2023 said the nation’s problem lies on policy and corruption.
In a panel discussion moderated by the Chairperson of NECA’s Committee on Corporate Communications and Public Affairs, Victoria Uwadoka, managing director BusinessDay Media, Dr Ogho Okiti said that our policy-making is very slow.
According to him, “we are slow to adjust. Imagine that we have been on the issue of subsidy removal for over 20 years because our politics are not right. Also, we are not localizing our policy, whether it is infrastructure, security, Agriculture etc. They are so many to do if we can align our politics with incentives that are required for us to develop and we must ensure we adjust our policies as quickly as possible for the nation to thrive.”
He urged the private sector to speak as an industry when approaching the government with some of these policies and not as a company. In such a way he said, will curtail corruption and help the economy to grow.
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Also, Fiscal Policy Partner and Tax Leader, (PwC), Mr Taiwo Oyedele disclosed that not much will change if we don’t adjust our policies. “our leaders think our problem requires money. Our problem has nothing to do with money but the implementation of policies, adding that inconsistency is what is affecting the economic growth of the nation.
To solve the nation’s challenges, Oyedele called for data-driven policies, an inclusive approach and coordination, and also urged NECA to build institutional capacity for policy engagement that will bring all private sectors together to have a voice in economic decisions within the government.
Chief Executive Officer of the Center for the Promotion of Private Enterprises (CPPE), Muda Yusuf in his part said policy can change a whole lot of things and it does not cost money.
He suggested that the policy environment is very critical for the nation’s growth, adding that they should be creating an enabling business environment.
According to him, “in the economy today, people doing business are finding it difficult to thrive. The policymakers are making more money than the entrepreneurs themselves. The creation of an enabling business environment and policy environment is very critical. We should be specific on the policies and their implementation for the nation’s growth,”
On the issue of corruption, he said corruption thrives in an environment where there are no consequences for such action. To curtail corruption he said: “We must have a system that prevents corruption, not the one that works after corruption. Our policies have to be right and transparent. We should avoid a monopoly situation, rather, employ more competition across all sectors example of this is the case of Nitel in Nigeria,”
Partner and Global Transfer Pricing Head, Adersen, Dr. Joshua Bamfo added that we need to have sustained high economic growth, and have the right paradigm to monitor all policies.
The keynote speaker, Professor of Economics, Lagos Business School (LBS), Bongo Adi in his lecture on Rethinking Developmental state Paradigm said thinking about new developmental states as a nation, and socio-economic alliance is important. ” The nation must be able to set main priorities in politics and thus put forward a national development agenda.”
He urged Nigeria to get back to developed states and learn the things that made them up.
He disclosed that no country can manage an economy without economic diversification, market diversification and political entrepreneurship.
Prof. Adi stated that the challenges facing the country are not about policies but how to grow institutional capabilities to pursue policies. “Nigeria has formulated so many policies to better the lives of the people such as Better Life for Rural Women, MAMSER, NEEDS and programs on poverty eradication, yet poverty continues to ravage the people. The country has the problems of poverty and brain drain and the two policies undermine any state policy.
If the economy does not grow, poverty will not be eliminated because you can not eliminate poverty by targeting poverty, ” he said.
Adding, the Director General of NECA, Adewale Smart Oyerinde said a policy document would be put in place for effective advocacy to guide the incoming administration.
