Expert to Buhari: Focus on energy, fuel, transportation

In order to create a viable economy that will attract growth and create jobs, President Muhammadu Buhari has been advised to focus on energy, oil and gas as well as transportation sectors.

The Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, gave the advice while speaking at a breakfast meeting organised by the Society for Corporate Governance Nigeria in Lagos.

Describing the three sectors as enablers that would ultimately impact on other sectors, Teriba said no meaningful development can take place unless there was a cargo rail system in place.

He called on the government to liberalise the transportation sector so as to allow for partnerships and other investors, just as he emphasised the need for Nigeria to start refining its own crude.

According to the economist, only six of the 46 sectors of the economy were huge, just as he noted the need for a clear sense of priority in order for change to become a reality.

Teriba said unless there is an effective and efficient cargo rail system in place, manufacturers will forever find it difficult to make impact and agriculture will remain uncompetitive.

He urged the government to take the same steps it took in deregulating the telecommunication sector in 2001, which eventually brought the sector among the big six from the lowest.

He also advised the government to remove the fiscal autonomy of the revenue generating agencies in order to block leakages and achieve fiscal adequacy.

He lamented that while the government was broke, its agencies such as the Central Bank of Nigeria (CBN), the Nigerian National Petroleum Corporation (NNPC) and the Nigerian Ports Authority (NPA) were rich.

 

The post Expert to Buhari: Focus on energy, fuel, transportation appeared first on The Nation.

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