An investment bank, Comercio Partners Limited, has advised President Bola Ahmed Tinubu on needed policies by his administration to fast-track the nation’s economic growth.
The Managing Partner and Chief Executive Officer of the asset management subsidiary of the bank, Tosin Osunkoya, gave the advice in a review of the Gross Domestic Product, GDP report for the first quarter of 2023.
According to the National Bureau of Statistics, the GDP growth dropped to 2.3 per cent in the first quarter of 2023 from 3.1 per cent recorded during the same period in 2022, with the agricultural sector contracting for the first time in seven years by 0.90 per cent during the quarter.
Osunkoya said, “The fact that Nigeria’s agricultural sector contracted for the first time in over seven years is undeniably concerning. Agriculture has long been a vital sector in Nigeria, providing a living for millions of people and contributing considerably to the country’s economy. This contraction raises serious concerns about the underlying drivers including the impact of insecurity, flooding, insufficient and misallocated intervention funds, and infrastructural setbacks.
“The latest GDP report emphasizes the importance of comprehensive policy reforms and improved governance to address Nigeria’s economic challenges. It is crucial for the new government to create an environment conducive to business growth and investment. This involves implementing regulatory reforms, ensuring policy consistency, combating corruption, enhancing transparency, and strengthening institutions.”
While commenting on the six per cent GDP growth target of the President, Osunkoya said, “I’m confident that if resources are channeled properly, backed with unbiased economic policy reforms, the new government will be able to achieve and even surpass this growth target. To achieve this, the new administration should prioritize sectors such as the agricultural and services industries.
“While these sectors face unique obstacles as they grow, one key setback that must be addressed is insecurity. The new government must use all available resources to keep Nigeria safe from terrorism, banditry, and kidnapping. This will help strengthen the confidence of both foreign and domestic investors. No economy, business, and society can grow or develop in an unstable, chaotic environment.”
