Experts Offer Recipe for Sustainable Economic Recovery for Nigeria

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Obinna Chima

The Chief Executive Officer of the Economic Associates, Dr. Ayo Teriba, has advised the federal government to open up the economy to foreign direct investment opportunities in order to get Nigeria out of economic recession and keep it on the path of sustainable economic growth.

Teriba stated this at a breakfast session organised by the Financial Services Group of the Lagos Chamber of Commerce and Industry (LCCI) with the theme: “Economic Recovery and Growth Plan: Roadmap to a Sustainable Economy,” held in Lagos recently. The event was sponsored by Sterling Bank.

Teriba, who spoke on “Nigeria’s economic outlook: Getting out of recession cycle,” as keynote speaker, cited an example with Saudi Arabia and India, saying opening up the economy to investors would help unlock vast and latent opportunities in the country.

He urged the federal government to learn how to manage cyclical shock such as the remarkable drop in oil earnings which led to the depreciation of the naira in 2016, high level of inflation, among other economic challenges.
Also speaking at the event, the President of LCCI, Mrs. Nike Akande noted that with the Nigerian economy highly import dependent, consumption driven and undiversified, there was need for government to draw a roadmap for economic diversification that would drive sustainable growth and development.

The President of the Chamber, who was represented by the Deputy President, Mr. Babatunde Ruwase also remarked that it has also become imperative for the federal government to create initiatives that would restore growth, bring about a competitive economy and provide an enabling business environment that would empower the private sector in delivering its mandate towards the actualisation of the EGRP.

Akande observed that while the Economic Recovery and Growth Plan (ERGP)was perceived as a laudable initiative, commitment to its implementation was critical if the plan would foster growth in the economy within the next couple of years.

In her welcome address, the Chairperson of the Group and General Manager, Corporate Banking, Sterling Banking, Mrs. Mojisola Bakare, said they were keen on the resolution of issues affecting Nigeria’s economic development, remarking that it had become necessary to discuss the theme of the breakfast session.

She said the topic of the session was motivated by the recent launch of the ERGP by the federal government with the three broad strategic objectives of restoring growth of the economy, investing in the Nigerian people and building a globally competitive economy as a blueprint for recovery in the short short-term and a strategy for sustained growth and development in the long-term.