Presidential candidate of Nigeria's leading opposition All Progressive Congress, Mohammadu Buhari, meets with US Secretary of State at the US Consulate in Lagos January 25, 2015. US Secretary of State John Kerry said today that peaceful and timely el ~ AKINTUNDE AKINLEYE
Lagos - Financial experts on Wednesday
urged the President-elect, Muhammadu Buhari, to ensure the appointment of
technocrats and not politicians in the management of the nation’s economy.
interviews that appointment of technocrats was essential for economic growth
Mazi Okechukwu Unegbu, former President, Chartered Institute
of Bankers of Nigeria (CIBN), told NAN that appointment of technocrats in key
areas of the economy remained critical for economic growth.
Unegbu said that the president-elect should tackle corruption
and ensure economic agenda that would impact positively on all sectors of the
He, however, called on the National Assembly to enact
friendly laws that would drive both small and big businesses in the country.
Unegbu said that the Federal Government, under the new
dispensation, should pursue proper Foreign Direct Investment (FDI) that would
reduce unemployment rate.
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He also said that multinationals such as telecommunication
companies, Shell, NNPC, should be encouraged to list on the Nigerian Stock
Exchange (NSE) to create employment.
Mr Ariyo Olushekun, immediate past President, Chartered
Institute of Bankers (CIS), urged Buhari to set right environment for both
local and foreign investors.
Olushekun said that security challenges of the country
should be tackled to boost investors' confidence.
He suggested the development of the non-oil sector of the
economy such as agriculture and power, to complement earnings from crude oil.
According to him, government must encourage survival of
small and medium enterprises through good policies and operating environment to
"The only way the huge unemployment rate of the country
can be tackled is through SMEs development," Olushekun said.
He also called for more development of the capital market
ascribed as the engine growth of the economy.
Olushekun said that the market should be positioned by the
government in such a way that it could finance all developmental projects.
Mallam Garba Kurfi, the Managing Director, APT Securities
and Funds Ltd., called for an improvement in revenue generation through
Kurfi said that the president-elect should map out
strategies aimed at addressing tax leakages in the country.
He said that total revenue generated should be improved upon
to at least 20 per cent against the current figure of 12 per cent.
Kurfi said that diversification of the economy was important
in line with the current realities at the international oil market.
According to him, insurgency in the northeast should be
tackled head on because the economy could only survive with security.
Kurfi also stressed the need for effective railway system,
noting that expansion of industries across the country could be achieved with
good transport system.
He called for the privatisation of the refineries and
listing of all the privatised government agencies on the nation's bourse.