Economic blueprint that will enhance living standards
Reforms in oil and gas sector
Sustainable anti-corruption measures
By Babajide Komolafe, Peter Egwuatu, Franklin Alli, Godwin Oritse, Rosemary Onuoha, Naomi Uzor &, Jonah Nwokpoku
LAGOS—The incoming government of
Major General Mohammadu Buhari (rtd) should come out with a blue print
for the economy that will enhance the living standard of Nigerians,
ensure acceleration of reforms in the oil and gas sector in order to
attract more investments in both the upstream and downstream segments of
the sector, and wage sustainable war on corruption.
These were the expectations of operators in the various sectors of the economy from the incoming government.
LCCI President
President, Lagos Chamber of Commerce and Industry, LCCI, Alhaji Remi
Bello said: “The incoming government should ensure acceleration of
reforms in the oil and gas sector in order to attract more private
investments in both the upstream and downstream segments of the sector.
The chamber urges the incoming administration to address the fundamental
of the high cost of doing business and low productivity. Ensure a level
playing field for all investors across all sectors with regard to
import tariffs, funding opportunities, tax incentives.”
On his part, Chief Chuku Wachuku, former Director- General, National
Directorate of Employment and immediate past President of National
Association of Small Scale Industry, NASSI, said: “The new President
must partner with the broader organised private sector and not select
five per cent which cannot create the impetus for growth.”
NAGAFF boss
According to National Association of Government Approved Freight
Forwarders, NAGAFF, Dr. Boniface Aniebonam, “The emphasis right now
should be sustainable attack on the issues of corruption.
The new President, according to Mr. Tunji Olugbodi, Managing
Director, Verdant Zeal, should introduce policies and implementation of
those policies which will guarantee a change that is more pragmatic.
Euro Global
Mr. Felix Aighobai, Director, Sales, Euro Global Foods and
Distilleries Limited and Director, Membership and Public Relations,
Nigeria Association of Small and Medium Enterprises, NASME, Nerus
Ekezie, however, advised Buhari to start from where his predecessor
stopped. He said: “We are particular on continuation on most of the
sound economic policies, like the agricultural transformation and the
various SME development initiatives, including the sustainability of the
SME intervention funds and the establishment of the Development Bank of
Nigeria.”
ANLCA chief
National President, Association of Nigerian Licensed Customs Agents,
ANLCA, Prince Olayiwola Shittu, said: “All the reports of all the
committees that have been piling dust, whether seen or unseen but
without any action taking place should be looked into. It is not a
matter of setting up further committees but they should look at previous
committees’ reports.”
He also expressed hope that the Buhari administration would review
the implementation of the controversial national automotive policy.
E-Commerce operators said that they expect the new President to
introduce polices that would reignite the interest of foreign investors
in Nigeria. According to the President/CEO, Shoptomydoor.com, an
international online shop, Nduka Udeh, “the President-elect must through
his anti corruption stance, bring more transparency into the business
landscape in order to drive foreign direct investment.”
Founder/CEO, Privateproperty.com.ng, Femi Taiwo, said Buhari’s
victory will give way to foreign direct investment through capital
inflows in our stock markets and investments in our manufacturing and
power sectors.
Capital market operators
Capital Market operators on their part called on the incoming
government to address the infrastructure gaps in the economy by using
the capital market instruments.
The coalition of capital market operators under the aegis of the
capital market alliance, which comprises of Albert Okumagba, President
Chartered Institute of Stockbrokers, CIS, Mr. Emeka Madubuike, Chairman,
Association of Stockbroking Houses of Nigeria, ASHON, and Mr. Victor
Ogiemwonyi, Chairman, Association of Issuing Houses of Nigeria, AIHN,
said: “At present, the Nigerian capital market is underutilized relative
to its absorptive capacity. Therefore, the Federal Government’s goal of
diversification of the economy would be reinforced if the capital
market is deepened to enable it fund the capital expenditure over the
short term to medium term period.”
Okumagba
Okumagba said: “The core capital market operators should work with
the regulators to come with pragmatic timetable which will be endorsed
by the Federal Government for the commencement of viable Commodity
Exchanges which are either privately owned or government owned.”
Mr. Ogiemwonyi said: “Government borrowing rate in the capital market
should drop to avoid crowding out of funds in the capital market so as
to make the market attractive for private sector to raise funds.”
Insurance operators
On the expectations of the insurance industry from the incoming
government, insurance operators advised that economic growth should be
the main focus of the new government. They urged the incoming President
to come out with a blue print for the economy that will enhance the
living standard of Nigerians.
Director General of Nigerian Insurers Association, Mr. Sunday Thomas,
said: “We expect increased government patronage of insurance,
compliance with compulsory insurances as well as insurance of government
assets, as well as review of the mode of taxation on insurance
services. In all, we expect the new government to build on the
achievement of the previous administration.”
