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Nigeria needs to pay adequate attention to 10 priority areas to accelerate the country’s economic growth.
This was disclosed by Partner and Chief Economist, PwC Nigeria, Andrew Nevin while speaking at Nairametrics’ Economic Roundtable themed, ‘How to get out of this economic crisis,’ on Saturday, August 7, 2021.
Nevin pointed that though the nation is rich, its dead assets is a major bane to its economic growth.
Dead asset refers to unregistered real property and is considered lost value because the landholder is unable to transfer or leverage the property to borrow or access capital.
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The areas, according to the economist, are:
- Unlocking Nigeria’s vast dead assets to stimulate growth
- Harnessing the power of the diaspora
- Driving export growth through services
- The need for growth to be spread across the country, and not just in a few urban centres
- Improving on the country’s low investment and gross capital formation
- Moving a thriving informal sector to the formal sector
- Improving on the business environment, and ease of doing business
- Addressing Nigeria’s big three distortions (exchange rate, power, and subsidies)
- Shifting focus from the Gross Domestic Product (GDP) lens to sustainable development goals
- Prioritising climate change
Nevin added that finding the political will to act and unlock Nigeria’s dead real estate assets will have a transformative impact on the lives of Nigerians.
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These are credible recommendations. The idea to revive ‘dead assets’ is a great one, to unleash the power of formed capital .
The area of spreading growth across the nation is key. FGN should ensure funds allocated to each state is enough for Governors to run the affairs of the state. Also, there should be Check and Balances by FGN to see that those funds are used for the interest of economic growth and development.
Growing economy of Nigeria, Specialized Financial institution and development Banks has a lot to offer in strengthen the private sector mostly in provisions for Venture Capital. Bassey Ben
I wonder if leaders that are responsible for the implementation of policies within the Federal Government of Nigeria are reading those recommendations. We just need a strategic approach to the way businesses are conducted at the Federal level. Take for instance the issue of power, forex, and poor infrastructure development in the country. How do you entice foreign investors with the state of power generation in Nigeria? Until the Federal Government take a strategic approach on the issue of electricity and power generation, it will be difficult to unleash the potential of economic development in Nigeria.
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