2023: Upcoming Govt Admonished to Brace Up for Economic Challenges

Emmanuel Olorunda-Otaru

As the 2023 general elections draw near, the upcoming government has been admonished to brace up for the economic crisis they are going to inherit.

This advice was given by   former African Director, Society of Petroleum Engineers (SPE),  Engr. Alex  Neyin , at this year’s 12th annual Chief Executive Officers (CEOs)’ dinner/awards nite of Academy for Entrepreneurial Studies (AES), with theme: ‘2023: A Preview Into Nigeria’s Political Economy’, held in Lagos.

Apprehensions are high over the nation’s economic situation considering  that fact that there  so many loans repayment and loan servicing. To tackle this, there must be a well-laid-out plan and strategy to tackle the economy.

According to Neyin, “this is not the Nigeria we knew growing up, things are terribly in bad shape. We have been in this economic mess for a long time. Nobody wants to put his money where it is not secure.”

‘’There must be a clear synergy and agreement between the three arms of government to solve the economic problems of the country. If this is done, all the other influencers  of the government    will take a cue or get burnt,” he said, adding that  for a viable economy, the Executive, Legislative and Judiciary must work in synergy, each doing its duties well to move the country forward.

He also admonished that “Nigeria must only go for her needs and not her wants for her to get out of this economic
 mess.”

“My joy is that Nigeria has the capacity  to  get off the mess  easily  if  she  can  assemble  her world-class technocrats in all fields irrespective of tribe, state, political affiliation to proffer the solutions. This should be done  before the  hand-over by  the president. That way the incoming president will hit the ground running.”

“Nigeria is gradually moving from a mono-economy of oil and gas. Other sectors of the economy are coming up. Irrespective of this scenario, we will continue to depend greatly on oil and gas. For all practical purposes, Nigeria should be prudent enough to use this last phase of oil and gas to fully diversify her economy,” he further said.

He added: “The capital flight on  spare  parts in  the  oil and  gas  industry,  power sector, manufacturing  sector,  marine sector  and others are  huge. There is  a  need for the government to encourage more small and medium enterprises (SMEs) on iron and steel to produce the required parts locally. The international oil companies (IOCs)  and Nigerian National Petroleum Corporation (NNPC ) Limited budgets have  to go through proper screening by seasoned  technocrats before  approval. The same should be applied to the national, states and local governments’   budgets.”

“Our professional bodies, private sectors, universities  and reputable  NGOs should be challenged to  make their inputs as regards the economic blueprint.”

The event  was also an occasion where new members were inducted into the AES Excellence Club and some distinguished fellows given awards, by the AES Registrar/Secretary, Mr. Paul Umukoro. Also, the President AES Excellence Club Governing Board, Dr. Ausbeth Ajagu, was given commendations, for his pioneering role in the academy.