Nigeria’s economic potential is hinged on many structural, political and economic issues, which includes amongst others; inadequate infrastructure, tariff and non-tariff barriers to trade, obstacles to investment, lack of confidence in currency valuation, inflation, limited foreign exchange capacity and unstable economic policies.
Former chairman of the Nigerian Bar Association Dr. Olisa Agbakoba SAN, in a press release has said the Nigerian economy is beginning to take a good turn and its showing signs of recovery.
Agbakoba pointed out that the recent economic activities of two prominent Nigerians is responsible for the feat so far recorded and this are great times for the economic growth of the country.
According to him, the commencement of sales of diesel from Dangote refinery would increase supply and crash prices significantly. Diesel prices dropped from about ₦1,700 per litre to around ₦1,350 per litre, this was just by pumping 100 million litres. Dangote has planned to pump another 100 million litres which will reduce diesel prices to below N1000, with plans underway for the sale of Premium Motor Spirit (PMS) by May this will significantly bring down prices.
He also noted the positive influence Air Peace is playing in the aviation industry and the reaction of the forex market to the activities in that space, Agbakoba said: “With the support of Festus Keyamo, Minister of Aviation, finally broke through the reciprocity barrier in aviation. Air Peace is now flying to the United Kingdom (UK). Ticket prices monopolised by British Airways and Virgin Atlantic crashed by at least 60percent”.
These will all influence the overall economic activity of the forex market and the much-needed relief for Nigerians will occur. The CBN may potentially review the monetary policy rate by Q4, he said.
It is notable that the turning points now witnessed in the economy, is the work of just two persons- Aliko Dangote and Allen Onyema. Imagine what 10, 20 or 50 private sector individuals can do. This raises the issue of putting the private sector at the centre of economic development. Government must withdraw from business. We must move immediately from consumption to production, he noted.
Many Nigerians are optimistic that the economy will make good progressions if the Government backed policies ensure more participation from the private sector and a very accommodating business environment for all.
While applauding Dangote and Allen Onyeama’s economic intervention, Tunde Rahman, a Senior Presidential aide learnt his voice and encouraged that as citizens we must continue to play our part. The example of Lawyer and Businessman, Allen Onyema’s Air Peace and its gallant intervention, which helped to crash the airfares on the lucrative Lagos-London route, is there for all of us to emulate, he said.
Sustained broad-based economic growth and poverty reduction are critical to the nation’s economic stability. Nigeria has the potential to be a major economic power in Africa and globally, it is beyond Air Peace and Dangote Refinery playing their parts in the resuscitation of the economy back to its glory days rather this might be the nation’s opportunity for us to grow, buy, use, wear, drive and eat Nigeria. By so doing, we are strengthening the naira and growing the economy collectively.
