Olomola expressed optimism as regards the candidates that are contesting in the election, describing them as people that have a good idea on how to take the country forward.
He spoke yesterday at the business breakfast meeting of the Franco-Nigerian Chamber of Commerce and Industry (FNCCI), tagged; Nigeria in 2023; Business, Politics and everything in-between.
According to him, these candidates have very different ideas with all their ideas individually seeming to be positive towards making the country better, fixing structural problems and growing the economy.
He said new governments in Nigeria typically come with new ideas and fiscal policy reforms.
One key reform most of the Presidential candidates have talked about is the removal of fuel subsidy. This, he noted, will have implications on the cost of doing business in Nigeria.
“So, we can be optimistic so long as we have peaceful and fair elections the average Nigerian can accept to be credible, we can expect that Nigeria would be better for it and we would be able to attract Foreign Direct Investments (FDIs) into the country that can help us to grow the economy.”
Besides, he advised businesses at this period to take time to gather their capital, stating that there are many unexplored aspects of the Nigerian economy.
“We have significant gold deposit in Zamfara, same as deposit of precious metals in the Borno area; there are significant investment being made in the Dangote refinery, the Imota rice mill that the President commissioned last week, there are so many new things going on in Nigeria that can galvanise investment. So, companies should get ready for Nigeria,” he said.
Speaking on the Central Bank of Nigeria (CBN) currency swap, he said life is tough for the average Nigerian, noting that there is no cash anywhere and without cash you can’t eat right because you need to buy food.
“Things are hard but we hope that the Central Bank will be able to push enough of the new naira notes into circulation so that the informal economy is not completely destroyed. Right now there is a lot of pressure on the micro and small businesses who depend entirely or very largely on cash. This is also an opportunity to push financial inclusiveness and bring more people into the formal economy. We hope that things will get better,” he said.
Senior Partner in Olisa Agbakoba Legal (OAL), Dr Olisa Agbakoba, hoped that the Independent National Electoral Commission (INEC) and the governors would get things right to move the country forward.
In his remarks, Director General, FNCCI, Moses Umoru, said Nigeria is a buoyant economy; it is a formidable place for doing business not without problems.
Umoru said: “We have problems with infrastructure, electricity but in my closing argument, in a country where there are so many problems, what it does is to create an opportunity for businesses to be born. So most at times if the private sectors can plug in to these problems they can be able to do it. But the private sector cannot just come in to do it; they need policy that will support investments.
“It is an election year; we are looking forward to subsidy removal, a better economic practice, it is very key for us.”
