{"id":68431,"date":"2022-07-13T10:09:42","date_gmt":"2022-07-13T09:09:42","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/2023-apc-ex-presidential-aspirant-jack-rich-foretells-future-of-nigerias-economy"},"modified":"2022-07-13T11:45:18","modified_gmt":"2022-07-13T10:45:18","slug":"2023-apc-ex-presidential-aspirant-jack-rich-foretells-future-of-nigerias-economy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/parties\/2023-apc-ex-presidential-aspirant-jack-rich-foretells-future-of-nigerias-economy","title":{"rendered":"2023: APC ex-presidential aspirant, Jack-Rich foretells future of Nigeria\u2019s economy"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>Mr Tein Jack-Rich, one of the All Progressives Congress (APC), presidential aspirants in the last National Convention of the party, says only an economic liberalisation strategy will help Nigeria overcome its current challenges.<\/p>\n

Jack-Rich said to achieve this, policy makers must award deep tax cuts, promote sectoral economic stimulus through soft credit lines to help indigenous companies produce the country\u2019s needs.<\/p>\n

\u201dAs an entrepreneur and industrialist of the 5th era of industrial revolution, where digital transformation and technology boom have taken artificial intelligence to record high economic levels, one key engine we need in 2023 is economic liberalisation.<\/p>\n

\u201dIt is a phenomenal tool to activate private capital growth, and to join the trillion-dollar economic league,\u201d he said.<\/p>\n

According to the philanthropist, global economic trend has its impact on Africa, which accounts for only three per cent of global trade with seven per cent of trade deficit.<\/p>\n

\u201dIt is difficult to fathom the assertion that a struggling economy with negative trade balance of 19.3 per cent also exposed to surging global inflationary turmoil, due to high import dependency on what it can produce, can survive a hike in interest rate as the best monetary policy response to address surging inflation.<\/p>\n

\u201dThis is because the current inflation is cost push rather than demand pull,\u201d he said.<\/p>\n

Jack-Rich, however, said it was uncertain to see any political economist within the Sub Saharan Africa aligned with the policy postulation, calling for a hike in interest rate as best fit for the economy or good and stability of struggling low-income households living below N400 daily.<\/p>\n

The business mogul called for a holistic approach to the country\u2019s economic policies.<\/p>\n

\u201dIgnoring economic stimulus and pursuing interest rate hike, with the taxman on the neck of businesses, will further stifle earnings and worsen access to credit for large ticket investments,\u201d he said.<\/p>\n

According to the oil tycoon, this will increase unemployment rates, and further exacerbate the wind of economic recession and possibly social issues.<\/p>\n

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

Africa-Press – Nigeria. Mr Tein Jack-Rich, one of the All Progressives Congress (APC), presidential aspirants in the last National Convention of the party, says only an economic liberalisation strategy will help Nigeria overcome its current challenges. Jack-Rich said to achieve this, policy makers must award deep tax cuts, promote sectoral economic stimulus through soft credit […]<\/p>\n","protected":false},"author":84,"featured_media":68430,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,28,16,26],"tags":[1570,2140,34,8002,254],"class_list":["post-68431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-parties","category-twitter","tag-africa-press","tag-africa-press-nigeria-2","tag-apc","tag-jack-rich","tag-nigeria"],"yoast_head":"\n2023: APC ex-presidential aspirant, Jack-Rich foretells future of Nigeria\u2019s economy - Nigeria<\/title>\n<meta name=\"description\" content=\"Mr Tein Jack-Rich, one of the All Progressives Congress (APC), presidential aspirants in the last National Convention of ...\" \/>\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\/parties\/2023-apc-ex-presidential-aspirant-jack-rich-foretells-future-of-nigerias-economy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2023: APC ex-presidential aspirant, Jack-Rich foretells future of Nigeria\u2019s economy\" \/>\n<meta property=\"og:description\" content=\"Mr Tein Jack-Rich, one of the All Progressives Congress (APC), presidential aspirants in the last National Convention of ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/parties\/2023-apc-ex-presidential-aspirant-jack-rich-foretells-future-of-nigerias-economy\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-13T09:09:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-13T10:45:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/07\/postQueueImg_11-62cea21562fe1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"819\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\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=\"2 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\/parties\/2023-apc-ex-presidential-aspirant-jack-rich-foretells-future-of-nigerias-economy#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/parties\/2023-apc-ex-presidential-aspirant-jack-rich-foretells-future-of-nigerias-economy\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"2023: APC ex-presidential aspirant, Jack-Rich foretells future of Nigeria\u2019s economy\",\"datePublished\":\"2022-07-13T09:09:42+00:00\",\"dateModified\":\"2022-07-13T10:45:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/parties\/2023-apc-ex-presidential-aspirant-jack-rich-foretells-future-of-nigerias-economy\"},\"wordCount\":348,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/parties\/2023-apc-ex-presidential-aspirant-jack-rich-foretells-future-of-nigerias-economy#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2022\/07\/postQueueImg_11-62cea21562fe1.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"APC\",\"Jack-Rich\",\"Nigeria\"],\"articleSection\":[\"all news\",\"homepage-english\",\"Parties\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/parties\/2023-apc-ex-presidential-aspirant-jack-rich-foretells-future-of-nigerias-economy#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/parties\/2023-apc-ex-presidential-aspirant-jack-rich-foretells-future-of-nigerias-economy\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/parties\/2023-apc-ex-presidential-aspirant-jack-rich-foretells-future-of-nigerias-economy\",\"name\":\"2023: APC ex-presidential aspirant, Jack-Rich foretells future of Nigeria\u2019s economy - 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