“The challenge in Nigeria is not whether or not Nigeria will grow out of recession and how, that is too limiting a challenge for a country like ours. Our two major challenges are unemployment and productivity.”
This is according to the Senior Lecturer at Lagos Business School, Doyin Salami, during the third annual NSE BLOOMBERG CEO ROUNDTABLE Themed; “Innovating Out Of Nigeria’s Recession: Exploring New Paradigms For Nigeria’s Economic Growth”
According to him, Nigeria needs to focus on rapid, inclusive and sustainable growth policies.
Salami who is also a member of the Monetary Policy Committee of the Central Bank of Nigeria, explained ways Nigeria can continue to grow in what he termed as drivers of the economy.
He said there are six drivers of the economy; international policy, activity, costs, policy, financial markets and socio-economic situations.
While explaining productivity, salami called for a review in minimum wage, saying“minimum wage must be reviewed to help ease consumer pressure”.
On the role of the private sector in growing the economy, he stressed that Nigeria has to rely on private capital while also exploring the role of price mechanism in Nigeria’s resource allocation.
In her keynote address, the Minister of Finance, Mrs Kemi Adeosun said Nigeria has the ability to be regionally independent.
The minister said the President Mohammadu Buhari-led administration Economic and Recovery Growth Plan of the 2017 budget recently signed into law is working towards growing and sustaining the economy out of recession.
She said the country at present relies on borrowing to carry out infrastructural development which would help and sustain the economy out of economy while lamenting on some of the major factors affecting the amount borrowed.
Adeosun decried the negative attitude of tax payment in Nigeria as the major factor affecting the borrowing habit.
She said if all Nigerians would pay their tax accordingly, it would help greatly.
The minister outlined some of the major achievements of the government so far as well as plans which are yet in the pipe line.
The event also featured a panel discussion where various CEO’s discussed areas they think needs improvement particularly where it affects their businesses as well as their contributions to the economy.
The panellists are; Africa Finance Corporation, Mr Andrew Alli CEO; CEO MainOne, Ms Funke Opeke; CEO Stanbic IBTC, Mr Demola Sogunle; MD, Okomu Oil Palm, Dr Graham Hefer; CEO Outsidein HR, Ms Ngozi Adebiyi and Senior Economist Africa/Middleast Bloomberg Intelligence Mr Mark Bohlund.