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Economists score performance of economy low

06 April 2013, 15:33

Lagos - Some financial experts have rated the performance of the Nigerian economy in the first quarter as low.

They told the News Agency of Nigeria (NAN) in separate interviews in Lagos on Saturday that the economy performed poorly during the period.

Dr Tunde Adeoye, a Senior Lecturer, Department of Economics, University of Lagos said that the real sector was inactive during the period due to lack of government’s intervention over a long time.

Adeoye said that the poor performance of the sector made it difficult for the sector to provide employment opportunities.

According to the don, the first quarter also recorded high rate of unemployment.

He, therefore, appealed to the Federal Government to improve on national security and infrastructure.

Adeoye said that there were huge infrastructure deficit which made the nation not attractive to the foreign investors, adding that foreign direct investment was a veritable tools for national growth.

"The government should adopt aggressive steps to address the problem so that the economy can witness rapid development,’’ he said.

Mr Oluwole Ibikunle, the Managing Director, Boaz Management & Financial Strategies Ltd., said that numerous economic challenges contributed to the slow pace of economic growth in the first quarter.

Ibikunle identified inadequate power supply as one of the problems, stressing that many companies spend huge sums on diesel to generate energy for their operations.

He said that the high cost of running businesses had made many companies to relocate to neighbouring countries where electricity is stable.

"Lack of power supply and massive corruption constitute impediments to national development," he said.

He advised the Federal Government to tackle the issue of corruption in ministries and parastatal agencies.

Mr Ayodeji Fagbenle, the General Manager, Cash Craft Asset Management Ltd., also said that the performance of the economy in the last quarter was not encouraging.

He, however, commended the performance of the oil sector, saying that the prices of crude oil had continued to rise at the international market.

Fagbenle said that good performance of the oil sector did not reflect on the total economy as the sector ``is not a huge employer of labour’’.

He said that expectations were high for the remaining quarters of the year and urged government to put machinery in place to deliver good dividends of democracy.

Fagbenle urged government to cut down on its expenditure to check inflation.


Tags economy

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