Agbakoba canvasses economic restructuring

Former president of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba (SAN) has called on Nigerians to suspend all agitations about political restructuring and focus on economic restructuring to develop the country.

He said the interest of Nigerians should be beyond the politics of the All Progressives Congress (APC) and the Peoples Democratic party (PDP) and focus on the nation.

He lamented that the agitation, which has been ongoing for long is yet to improve the country rather it has created division between the north and south.

“Politics cannot help Nigeria now, so lets suspend it and come together to help the nation,” he said.

He hailed President Buhari for the formation of the Economic Advisory Council (EAC), stating that it is an important tool for development.

He stated that the Nigerian legal and judiciary framework is outdated and needs urgent review to meet current challenges.

“The government has failed to link the importance of legal policy to economic development and governance hence the under-development. In developed nations, property law allows owners of housing to represent their value in their structures. 

“This allows easy access to credit from banks, which generates capital for development. But in Nigeria, it is difficult because of the weak legal policies,” he stated.

He said that the Financial Service Sector (FSS) is the oxygen and lifeblood of a strong economy, adding that it is the duty of banks to lend cash on long term.

He however, faulted the situation, whereby banks seem to be engaged in short term lending including treasury bills.

He urged the government to establish a National Credit Guarantee Agency that would support viable business proposals, which would develop the economy.

“We also need a National Trade Policy to stimulate local industry, grow exports and reduce dumping of foreign goods in the country,” he stated.

Speaking on maritime sector, he said it is capable of generating N7 trillion annually and 4 million jobs over five years if the policy, institution, regulatory and legal framework is overhauled.