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Economy | Nigeria Economy

EA Conference Tasks Government on Proper Policy Signaling to Attract More Investments

Jun 24, 2022   •   by Ottoabasi Abasiekong   •   Source: WebTV   •   eye-icon 614 views

Stakeholders at the Q2,2022 Economic Associates One-Day Conference tasked the Nigerian government with the need for proper signalling to attract investments into the economy, whether foreign or domestic.

 

Facilitated by Dr. Ayo Teriba, the CEO of Economic Associates, the Conference covered four critical areas of economic concern; Global, National, Sub-National and Corporates. The gathering allowed participants to assess global, national, subnational and corporate trends and activities shaping economic outcomes and methods of tapping into them.

 

Taking a global perspective, the economist said over the past five years, commodity prices have witnessed wild swings compared to the global equity index, which has been steady and continues along a positive path.

 

He believed it was time for nations to adjust their sails to the global trends and shifts, which has revealed that opportunities for income balance are bleak while that of the balance sheet is bright.

 

The economist stressed the need for Nigeria to establish the value of its landed properties and state-owned assets, to unlock value and liquidity.

 

Providing his perspective on the national vulnerabilities, he called on the policymakers to prioritize liquidity achievable through unlocking vital economic sectors for investments.  He cited the example of the liberalization of the GSM, Nigerian Liquified Natural Gas public-private partnership and Pension reforms.

 

Dr. Teriba outlined the following steps for Nigeria to unlock value from its assets:

  • Nigeria needs to compile a National Asset Register-Hatchery 
  • Take steps to financialize the assets 
  • Establish the market value of the assets 
  • Securitize the assets through the capital market

 

He said countries like Brazil, India, China, Saudi Arabia and Egypt took the steps above and have attracted more foreign direct investments, helping boost economic activities.

 

At the sub-national level, he urged the governments to emphasize providing an enabling business environment for investors. The scholar also called for more investments in the education system and skills development, which support Nigeria's competitiveness at the broader level.

 

"States are facing revenue challenges due to de-industrialization. This is why they should turn to their physical assets and maximize for value."

 

For the corporates, he noted that it would make the global economic shifts and the strategy of companies like Apple and Google, outsourcing their production and leveraging their platforms. It was time for companies to be more innovative. He added that with revenue headwinds, it was time for companies to migrate to where they could derive more value.  

 

Some key stakeholders at the seminar are Dr. Muda Yusuf, CEO of the Center for Promotion of Private Enterprise, CPPE, Mr. Olufemi Awoyemi, mni Chairman of Proshare and Mr. Dumebi Obodo, CEO of Chams Access contributed to the presentations at the forum.

 

Dr. Muda Yusuf said Nigeria must begin to address the issues that will enable it to emerge as a productive economy. He said the policy environment was critical, especially the foreign exchange management model. 

 

On his part, Mr. Olufemi Awoyemi, mni, emphasized the need for a consensus on what should be Nigeria's economic governance model. He said this was important to coordinate taxation issues, the national development plan and the annual budget, which are not aligned.

 

Mr. Dumebi Obodo decried that Nigeria has not been structured to see value in its assets. He believed Nigeria must address the issues of policy reversal and reposition itself to be competitive in the fourth industrial revolution, driven by digital technology.

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