‘Empowerment of private sector key to economic development in Nigeria’
Former Governor of Ogun State, Otunba Gbenga Daniel has said failure of Nigerian government to concentrate on developing and empowering the private sector through the provision of enabling environment is responsible for current economic woes being witnessed in the country.
Delivering a paper on “Creative Employment of Private Sector Capabilities for Economic Development” at the 32rd yearly dinner and awards night of the Institute of Directors Nigeria (IoD) in Lagos, Daniel said until government policies and plans are focused on ensuring that private businesses are empowered to succeed, the needed economic development would remain a mirage.
Moving forward, he said: “Private businesses should no longer be the purveyors and providers basic social and physical infrastructure like access roads, portable water, staff school, electric power and private security.”
Daniel, who stressed that government, must direct attention to providing adequate infrastructure for efficient and productive economy said: “The era in which private businesses are also run as local government businesses need to come to an end.”
Being an aspect that has set off cost of doing business in Nigeria, the former Governor maintained that providing enabling business environment would reduce stress on finances, decrease environment pollution and help to bolster production capacity.
“It must be emphasized that government should assume the onus for ensuring that businesses operate in an environment that brings out the best in the private sector.
The attendant benefits to the government cannot be wished away,” he said.
He urged government to ensure that the financial institution provide adequate funding which would motivate entrepreneurship, research and development as well as creative corporate finance and investment.
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