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Financial experts task Buhari on sustainable development

2015-04-01 18:44
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.

In separate interviews that appointment of technocrats was essential for economic growth and development.

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 economy.

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.

Also read: Aisha Buhari congratulates her husband on his victory

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 boost employment.

"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 taxation.

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.

Read more on: muhammadu buhari  |  lagos  |  politics

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