Some financial experts have urged the Federal Government to adopt innovative policies to boost Gross Domestic Product (GDP) growth and Nigeria’s overall economic development.
They also said that such innovative policies would encourage Foreign Direct Investment in critical infrastructure, vital for the growth of the country’s GDP.
Prof. Sherifdeen Tella, the Head of the Department of Economics at Olabisi Onobanjo University, stressed the importance of addressing the hindrances to economic growth.
Tella urged the government to implement stable policies that would encourage FDI inflows, as well as tackle security challenges to boost investment confidence in the economy.
He also said that by doing so, the GDP growth and overall development of the country would be enhanced.
Tella also suggested that the government could introduce fiscal tools, such as tax holidays and tariffs, to incentivise domestic producers.
The economist said that by granting these incentives to local producers, they would be able to grow organically and make significant contributions to the GDP growth.
Mr Moses Igberude, the Chief Executive Officer of Ogu Investment, emphasised the need to improve the business climate to foster GDP growth.
He said it is important to address issues related to uninterrupted power supply, noting, “It is crucial for industrialising the economy”.
By ensuring a reliable power supply, Igberude said that new businesses could emerge, leading to job creation for the youth.
Mr Godwin Anono, the President of the Standard Shareholders Association of Nigeria (SSAN), urged the monetary authorities to make the necessary arrangements to ensure foreign exchange was accessible to genuine businesses.
He noted that the foreign exchange was currently difficult to obtain through the official channels.
Anono, who explained the significance of investing in key infrastructure to accelerate GDP growth, said there was a need to allocate more budgetary funds to improve transportation.
According to him, this includes railways which will facilitate trade within the country, considering its size.
By investing in efficient transportation infrastructure, he noted that the government could create an enabling environment for economic growth. (NAN)