Experts task FG on policies to enhance GDP growth

Some business experts have urged the Federal Government to adopt a stable macro-economic policy to attract investment into the productive sector of the economy.

They said this in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Wednesday.

Dr Muda Yusuf, Chief Executive Officer (CEO), Centre for the Promotion of Private Enterprise (CPPE), said initiating policies that would reform the business environment was key in growing the Gross Domestic Products (GDP).

“The policies will be such that manufacturers will not be struggling to access foreign exchange or borrowing at 30 per cent from commercial banks to grow their businesses.

“Also, the incessant increase in electricity bills without commensurate output is negating domestic production,” he said.

Yusuf said that the government should adopt more innovative ways in tackling the security challenges to engender investment confidence.

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According to him, economic fundamentals need to be addressed frontally to accelerate growth.

Also, Prof. Bright Eregha, a lecturer at the Department of Economics, Pan Atlantic University, said because of series of government investments in agricultural sector, there would be a surge in the GDP.

“Couple with the fiscal measures such as the import duties on food produce being implemented to moderate prices, which will in turn reduce cost of production and help to increase production output,” he said.

Eregha said that the government should give more priority to Information Communication Technology (ICT), adding that the sector was a key driver of economic growth.

Similarly, Mr. Boniface Okezie, President, Progressive Shareholders Association of Nigeria (PSAN), said more investment should be earmarked for the solid minerals sector to boost the economy.

“The government could give more priority to the sector because of the immense economic prospects it offers our people.

“Which has yet to be harnessed adequately in many parts of the country for our common good,” he said.

Okezie said that the government should continue to invest in key infrastructural renewal to stimulate economic growth and development.

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NAN recalls that, according to National Bureau of Statistics (NBS) report, Nigeria’s GDP grew by 3.19 per cent, year-on-year, in real terms in the second quarter of the year (Q2 2024) compared to 2.51 per cent in Q2 2023.

The performance was also higher than 2.98 per cent recorded in the Q1 2024.

According to NBS, growth is driven mainly by the services sector, which grew by 3.79 per cent and contributed 58.76 per cent to the aggregate GDP.