Commenting on the six per cent GDP growth target of the President, Osunkoya said, “I’m confident that if resources are channelled properly, backed with unbiased economic policy reforms, the new government will be able to achieve and even surpass this growth target. To achieve this, the new administration should prioritise sectors such as the agricultural and services industries.
“While these sectors face unique obstacles as they grow, one key setback that must be addressed is insecurity. The new government must use all available resources to keep Nigeria safe from terrorism, banditry, and kidnapping. This will help strengthen the confidence of both foreign and domestic investors. No economy, business, and society can grow or develop in an unstable, chaotic environment.”
Osunkoya added that it was very crucial to examine the support mechanisms provided to farmers by both the monetary and fiscal authorities. “Access to modern farming techniques, quality seeds, fertilisers, and adequate irrigation facilities are vital for enhancing productivity. Government policies should be designed to incentivise and empower farmers, ensuring they have the necessary resources and knowledge to succeed.
“The phase-out of fuel subsidy needs to be addressed by the next administration as it is no longer sustainable. A revision of the monetary policy strategy to combat inflation would also be crucial. Despite the MPC raising rates by almost 700 basis points since April of last year to battle rising inflation, prices are still at a record high,” he said.All rights reserved.
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