{"id":135448,"date":"2024-10-24T20:48:14","date_gmt":"2024-10-24T19:48:14","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/hardship-what-nigerian-government-must-do-to-boost-economy-experts"},"modified":"2024-10-24T21:53:02","modified_gmt":"2024-10-24T20:53:02","slug":"hardship-what-nigerian-government-must-do-to-boost-economy-experts","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-what-nigerian-government-must-do-to-boost-economy-experts","title":{"rendered":"Hardship: What Nigerian Government must do to boost economy \u2014 Experts"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>Economic experts said Nigeria needs to reduce its public debt and improve capital development to end economic hardship.<\/p>\n

A renowned economic strategist, Dr Justin Amase and Lanre-Peter Elufisa, the Country Executive Director of Ominira Initiative, disclosed in separate statements at the Freedom in Nigeria Conference, held in Abuja Thursday.<\/p>\n

On his part, Amase said that there is a need to urgently tackle insecurity and solve the fundamental problem of power supply.<\/p>\n

According to him, power and transportation are the two critical infrastructures needed to boost any form of entrepreneurship and then improve market access to reduce inventory costs.<\/p>\n

Amase, the Managing Director and Chief Executive Officer of Macrostract, stressed that Nigeria should drive initiatives in the power and transportation sectors to stabilise the economy.<\/p>\n

\u201cThe underlying measures of economic performance are the ones that drive economic stability.<\/p>\n

\u201cFor instance, look at the GDP in Nigeria; it has been fluctuating. It moved up after the pandemic and between 2022 and 2023, and is going down again. Gross domestic product is very volatile. Over 90 million Nigerians are poor. 40 per cent of all the country\u2019s fundamentals are weak. Once fundamentals are weak, every other thing will not work well.<\/p>\n

\u201cThere\u2019s a way you can address the fundamentals significantly if you have a coherent plan, and then you dimension that plan into a short form, medium term and long one. That\u2019s what comes to China, Malaysia, Singapore, all of them, this is what they did.<\/p>\n

\u201cWe have not shown that sincerity. They [the elites] are working for themselves. So there have not been any serious decisions about how to change the economy,\u201d he said.<\/p>\n

He noted further that the price of oil, the country\u2019s mainstay, is determined by external forces.<\/p>\n

\u201cSo the fundamentals will continue to be weak unless we diversify,\u201d he stressed.<\/p>\n

Elufisa, in his statement, urged Nigeria to remove all barriers to productivity.<\/p>\n

He said this is the only way businesses could strive in the country.<\/p>\n

He added that the economic issues bedevilling the nation were a result of wrong policies and mismanagement of government over the years.<\/p>\n

\u201cThese economic issues\u2014I think we\u2019ve got them wrong over the years. We\u2019ve had a series of economic mismanagements over the years in the past, and, you know, in recent years, some of the problems that we face are not completely internal.<\/p>\n

\u201cWe have some external shocks going back to COVID-19; we\u2019ve had two economic recessions in the last decade, seven years. So all of that has had an impact on Nigeria\u2019s economic growth.<\/p>\n

\u201cSimply, we\u2019ve seen the inflationary pressures that have reduced the purchasing power of the average Nigerian. It costs more now to feed, it costs more now to transport, and it costs more to do business.<\/p>\n

\u201cThis is affecting our productivity as a nation, driving more people into poverty, and this is why we\u2019ve put this programme up today to discuss promoting enterprise in Nigeria,\u201d he said.<\/p>\n

For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Economic experts said Nigeria needs to reduce its public debt and improve capital development to end economic hardship. A renowned economic strategist, Dr Justin Amase and Lanre-Peter Elufisa, the Country Executive Director of Ominira Initiative, disclosed in separate statements at the Freedom in Nigeria Conference, held in Abuja Thursday. On his part, […]<\/p>\n","protected":false},"author":84,"featured_media":135446,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[3464,9410,254],"class_list":["post-135448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-experts","tag-hardship","tag-nigeria"],"yoast_head":"\nHardship: What Nigerian Government must do to boost economy \u2014 Experts - Nigeria<\/title>\n<meta name=\"description\" content=\"Economic experts said Nigeria needs to reduce its public debt and improve capital development to end economic hardship. ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-what-nigerian-government-must-do-to-boost-economy-experts\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hardship: What Nigerian Government must do to boost economy \u2014 Experts\" \/>\n<meta property=\"og:description\" content=\"Economic experts said Nigeria needs to reduce its public debt and improve capital development to end economic hardship. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-what-nigerian-government-must-do-to-boost-economy-experts\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-24T19:48:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-24T20:53:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/10\/sm_1729790553.836775.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-what-nigerian-government-must-do-to-boost-economy-experts#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-what-nigerian-government-must-do-to-boost-economy-experts\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Hardship: What Nigerian Government must do to boost economy \u2014 Experts\",\"datePublished\":\"2024-10-24T19:48:14+00:00\",\"dateModified\":\"2024-10-24T20:53:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-what-nigerian-government-must-do-to-boost-economy-experts\"},\"wordCount\":516,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-what-nigerian-government-must-do-to-boost-economy-experts#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/10\/sm_1729790553.836775.jpg\",\"keywords\":[\"Experts\",\"Hardship\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-what-nigerian-government-must-do-to-boost-economy-experts#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-what-nigerian-government-must-do-to-boost-economy-experts\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/hardship-what-nigerian-government-must-do-to-boost-economy-experts\",\"name\":\"Hardship: What Nigerian Government must do to boost economy \u2014 Experts - 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