Some business experts have urged the federal government to adopt a stable macroeconomic policy to attract investment into the productive sector of the economy.
They said this in separate interviews with journalists in Lagos on Wednesday.
The Chief Executive Officer, Centre for the Promotion of Private Enterprise, Muda Yusuf, said that initiating policies that would reform the business environment was key to growing the gross domestic product.
He said, “The policies will be such that manufacturers will not be struggling to access foreign exchange or borrowing at 30 per cent from commercial banks to grow their businesses. Also, the incessant increase in electricity bills without commensurate output is negating domestic production.’’
Mr Yusuf said that the government should adopt more innovative ways of tackling the security challenges to engender investment confidence.
According to him, economic fundamentals need to be addressed frontally to accelerate growth.
Also, a lecturer at the Department of Economics at Pan Atlantic University, Bright Eregha, said because of a series of government investments in the agricultural sector, there would be a surge in the GDP.
“Couple with the fiscal measures such as the import duties on food produce being implemented to moderate prices, which will in turn reduce the cost of production and help to increase production output,” he said.
Mr Eregha said that the government should give more priority to information and communication technology, adding that the sector was a key driver of economic growth.
Similarly, President, Progressive Shareholders Association of Nigeria, Boniface Okezie, said more investment should be earmarked for the solid minerals sector to boost the economy.
He said, “The government could give more priority to the sector because of the immense economic prospects it offers our people. This has yet to be harnessed adequately in many parts of the country for our common good.’’
Mr Okezie said that the government should continue to invest in key infrastructural renewal to stimulate economic growth and development.
According to the National Bureau of Statistics report, Nigeria’s GDP grew by 3.19 per cent, year-on-year, in real terms in the second quarter of the year (Q2 2024) compared to 2.51 per cent in Q2 2023.
The performance was also higher than 2.98 per cent recorded in Q1 2024.
According to the NBS, growth is driven mainly by the services sector which grew by 3.79 per cent and contributed 58.76 per cent to the aggregate GDP.
(NAN)
