Independent Shareholders list paths to economic recovery for Tinubu
The Independent Shareholders Association of Nigeria (ISAN) has observed that President Bola Tinubu is yet to grasp the main key to the nation’s economic revival, saying that the various problems bedeviling the country can be ameliorated if insecurity is tackled.
ISAN new National coordinator, Moses Igbrude, who made the observation, maintained that whether it is to tackle the impacts of the subsidy removal on refined petroleum, or to mitigate the bad impacts of the single window exchange rate on Nigeria or to boost export potential of the country to tap into opportunities offered by the much-weakened Naira, security holds the key.
READ ALSO:
NSITF extends compensation to informal sector, fresh breathe to ungoverned spaces
ISAN which is the biggest shareholder organisation in Africa therefore urged the President to have a re-think on his economic strategies, stressing that his recent declaration of a state of emergency on food production and agriculture generally would be cosmetic until the needful is done.
Igbrude declared that there is need to effect a total reform of the security architecture of the nation and that its no-longer plausible to be bothered with the continuous killing daily in the middle-belt or elsewhere.
He hinted that for Tinubu to succeed, must begin to show the nation in clear terms that he could handle the nation’s security challenges in the overall interest, maintaining that to manage the economy effectively it must be clear to all and sundry that Nigeria is not business as usual.
The ISAN coordinator stated that for the forex challenge to be ameliorated, the nation needs to think outside the box as he wondered why its business needs so much dollars while most of its imports come in from China. Therefore, he urged the government to make deals with China and other countries of the World where its imports come from so that it can pay for goods in other mutually agreed amenable currencies.
According to him, this will enable the economy and help the country resolve its predicament in the overall betterment of its situation, saying that it is sad that Nigeria should base all its imports on a currency it does not produce nor has control over.
The National Coordinator added that although the nation’s economy is in the woods with over N80 trillion debts, the government has enough room to manage economy, saying that even the much vilified ”JAPA” syndrome offers opportunity for Nigeria as a nation to become productive and strong in the export market as Nigerians in the diaspora would need its agricultural products, manufactured goods and other social services.
He advised the government to do all within its powers to discourage more firms from leaving Nigeria and also encourage more companies to list on the floor of the multiple exchanges stressing that this can be achieved by moral-suasion, tax rebates and tax wavers as well as tax holidays etc.