Economy: Nigeria Has Potential To Rise As Leader In Africa

Folashade Adeniran
Nov, Sat, 2024

General News

Economy: Nigeria has potential to rise as leader in Africa – Council

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By Adeyemi Adeleye

An economic group, The Sixteenth Council, says Nigeria has the potential to rise as a leader in Africa, with bold and decisive actions in diversification of the economy.

The economic experts and business professional made this remark at the 2024 Nigeria Forum and The Brian Reuben Awards on Friday in Lagos.

Dr Brian Reuben, the Executive Chairman of the Council, speaking on the topic ‘Mapping the Future of Nigeria ‘s Economic Development Amidst Uncertainty’, urged the Federal Government to do more in diversifying economy.

“The road ahead is undoubtedly challenging, but with every challenge comes an opportunity for transformation.

“Nigeria has the potential to rise as a leader in Africa and on the global stage, but this will require bold, decisive actions.

“We must diversify our economy, manage our debt wisely, ensure a stable policy environment and above all, provide security for our citizens,” he said.

He said that Nigeria’s economy was not isolated from global events and domestically being faced with challenges.

This, he noted, include security threats, inflationary pressures, policy inconsistency and structural inefficiencies affecting livelihood.

He listed Nigeria’s key economic challenges to include inflationary pressures, debt and fiscal policy, policy inconsistency and investment hesitancy, security concerns.

Reuben said that while these challenges were significant, they were not insurmountable.

Navigating uncertainty, Reuben said that this required a bold, consistent, and long-term vision that would address the root causes of the nation’s economic vulnerabilities.

“Rather than view these as insurmountable challenges, we must see them as opportunities to reform, restructure, and reclaim Nigeria’s path toward sustainable development and economic resilience.

“To secure Nigeria’s economic future, I propose economic diversification.

“The Nigerian economy must break its overreliance on oil revenues. Agriculture, technology, and services are sectors with immense potential for driving economic expansion,” he said.
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Reuben said that full activation of the African Continental Free TradeAgreement (AfCFTA) could serve as a powerful tool in expanding Nigeria’s trade portfolio and deepening intra-African commerce.

“We must invest in technological innovation, infrastructure, and skills development, especially for the youth, to position Nigeria as a key player in the global digital economy.

“Furthermore, agriculture, which employs millions of Nigerians, must be modernised through the use of technology, better access to markets, and government incentives,” the international business consultant said.

Recommending fiscal discipline and debt management, Reuben said that Nigeria should, instead, attract more private sector investments through public-private partnerships (PPPs) to drive infrastructure development without overburdening government coffers.

“Debt restructuring, improved tax collection, and curbing wasteful spending must be at the forefront of fiscal policy reforms.

“Nigeria needs a predictable and transparent policy environment. Investors need clarity on exchange rates, tax policies, and trade regulations,” he said.

He called for an enhancing security and creation of a stable policy environment for economic growth.

“Let us seize this moment to work together-government, private sector, and civil societytoward a more prosperous and secure future for Nigeria,” Reuben said.

Prof. Fabian Ajogwu, deliverying a Keynote Address on “Building Enduring Public Institutions through Corporate Governance Best Practices”, said that this required a commitment to the principles of transparency, accountability, ethical leadership and sustainability.

Ajogwu, a Senior Advocate of Nigeria (SAN), Professor of Corporate Governance at the Lagos Business School, and the Senior Partner at Kenna Partners, said that Nigeria’s best hands should not only be in corporate organisations but also in governance.

To enhance governance practices in Nigeria’s public sector, Ajogwu recommended implementation of independent oversight mechanisms, institutionalisation of sustainability and enhanced stakeholders engagement.

“Strengthen mechanisms for stakeholder input to encourage inclusive decision-making.

“Public feedback systems, transparent publicconsultations, and collaboration with civil society can enhance the legitimacy of public institutions.

“Public institutions should develop risk management frameworks that anticipate operational, environmental and reputational risks, ensuring agility and proactive governance,” he said.

According to him, with these best practices, Nigeria can establish public institutions that are resilient, responsive, and aligned with democratic aspirations.

Speaking, Mrs Ini Abimbola, a Management Consultant and Vice President, Sustainability Professionals Institute of Nigeria, stressed the need to establish trust, transparency and accountability in government apparatuses to address socio-economic instabilities to move forward as a country.

Speaking, Dr Folakemi Fadahunsi, the interim Chief Executive Officer (CEO), Retail Supermarkets Nigeria Ltd (aka ShopRite) said that Nigeria needed leadership emphatic to businesses survival and environment.

NAN reports that various economic experts and professionals in various fields took turns to share stories of survival of businesses in their keynote addresses and panel discussions.

Some of the topics discussed including: “Building Trust in the Face of Uncertainties: Practical Steps to Building an Inclusive Nigeria”, “Mapping Uncertainties and Strengthening Nigeria’s Economic Resilience”.

Others include: “Unlocking AI’s Potential for Nigeria’s Economy: Addressing Inflatio, Unemployment, and Insecurity”, “Governance, Energy Transition and Economic Resilience” among others. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

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