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‘Nigeria to suffer economic hardship without private sector participation’


President, Rotary Club of Maryland, Adewale Sanni (left) and Managing Director/Chief Executive Officer, Financial Derivatives Company Limited, Bismarck Rewane at the installation of the 18th Hope President of the club.

The Chief Executive Officer, Financial Derivatives Company Limited, Bismarck Rewane has said Nigerians will experience more economic hardship if the government refuses to give the private sector opportunity to contribute to building the nation.

He said any economy solely run and dominated by the government is bound to be inefficient, no matter who runs the government.

Rewane while making the assertion at the installation ceremony of the 18th President of Rotary Club of Maryland, Ikeja district 9110 at the weekend, said many countries are heading into recession because of the huge debt incurred by their government as well as the accrued interest.

He said private sector-led activities will liberate the economy, create jobs and reduce the burden on the government, if it is allowed to thrive through the provision of an enabling business environment.


Rewane said by December 2019, the economy would experience slight hardship, as the exchange rate, oil production, and Nigeria’s revenue will be the same, while bank loans would be difficult to get due to the cumbersome conditions, as well as a hike in electricity tariff, which he said would spell doom for the country, except the private sector is involved in economic development.

He said if the economy remains the way it is, there would be more kidnapping, ransom, fraud, cyber-attacks on bank accounts and ATMs, warning Nigerians to get ready for the worst form of kidnapping attacks.

“The problem of Nigeria is not going to be solved by foreigners, and it is not going to be solved by people running away because those countries will check you back to Nigeria; so the only solution to solve the Nigerian problem is to demand for good governance and get supply of good governance,” he added.

Also responding to questions about the private sector involvement in developing the country’s economy, the President, Rotary Club of Maryland, Adewale Sanni pledged that his club will continue to provide employment for Nigerians by training them through its vocational service centres in communities, as well as support them with micro-credit funds to establish themselves and their business.

This, he said, is part of efforts to reduce miscreants on the streets due to unemployment, while the club also helps build infrastructure, health facilities, renovate schools and other philanthropic activities, which it is known for.

He said the club has helped Nigeria in ensuring it is polio-free through immunisation of children in communities, as well as reduce maternal, infant mortality by providing delivery kits for pregnant women, adding that it would continue to provide the necessary support to build Nigeria’s economy forward.

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