‘Deregulation Will Stabilise Nigeria’s Economy’

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The Chief Executive Officer of Digital Space Capital, a digital-led finance company
Mrs. Olubukola Abitoye has urged the federal government to adopt deregulation in order to support economic growth.

Abitoye, who was the former General Manager of Sky Capital and Financial Allied Intl. Ltd and also a former Director of Skye Bank, Sierra Leone, said deregulation remained a sure way to boost economic development and to maintain stable economy.

According to her, “Government should put a flat structure in place. This will be very effective in ensuring the workability of strategies and plans. What we have presently is a bad signal to the economy development. What the government needs to do is to deregulate and also involve the private sector to make things work.

“A major issue is our foreign exchange where the forces of demand and supply are supposed to be operational. The rate is alarming and government does not have control over it. We should encourage exports as we have several products. Foreigners take our produce overseas and repackage them for us and we purchase same at exorbitant rates. We really need to work in the area of exports to stabilise the economy.”

Addressing the state of the nation’s economy, Abitoye said: “The pandemic opened our eyes to several things. Government should put things in place to ensure growth in the economy. Covid-19 makes us know the current state of things and how important it is when we respond proactively.”

She added: “The government should be more committed to the health sector. It is imperative to state that government’s intervention is very key to improve the economy. We don’t need to wait for such issues to arise before government steps in.

“With the current state of the economy, people should be supported one way or the other to cushion the economic effects of COVID-19. She listed such interventions to include: Giving funds at subsidised rates; loans support for SME’s among others.

“The support should be narrowed down to reach people. Finance companies are also to provide intermediation by getting to the bottom in a way to support the people.”

Abitoye who also touched on women support, said the federal government must come with initiatives that will empower Nigerian women.

“One of the things that motivated me to finance is the workaholic nature of some women. They wake up early in the morning as early as 5am and they were already working, cooking and doing all sorts at that odd hour. Women just need a sort of little support to make a better living.

Women are firm when it comes to the issue of finance as they don’t default.

“I must also commend women because an average woman can manage home and business effectively. It is important for the system to develop a platform that enables women source for funds at reduced rates.”

She therefore advised women to stand on their toes and begin to prepare children for the future, while insisting that women should showcase their innate capabilities and potential.

She said Digital Space Capital came into existence as result of the global pandemic across the world, and that since the world is operating in a digital space, her focus remain digital to operate a full-fledged Asset Management Company that supports SME’s and insurance brokerage.

“The digital space is indeed the platform to get things executed in good time. The role of ICT in driving business processes cannot be underestimated. There is the basic imperative to embrace digital service offerings more than before. ICT tools now dictate the pace for corporate organisations as this is the way forward. Nigerians and governments across all levels should explore technology tools to position businesses. It is our goal to be the revolutionary innovator in the digital finance industry. We want to be Africa’s pro-active and digital led finance company. We are seeking faster processes, solutions and innovative gateway services in Nigeria, Africa and the entire world,” Abitoye said.