Production: Prioritise reforms to enhance infrastructure — Expert
By Okeoghene Akubuike
There is a need for the Federal Government to prioritise reforms that enhance infrastructure, financing, security, and ease of doing business to make Nigeria’s economy more conducive for production.
Mr Benjamin Ekeyi, a Public Finance Management Expert said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Friday.
Ekeyi, who is also an expert on governance, said the Federal Government should improve infrastructure by investing in stable electricity generation and distribution to reduce reliance on expensive diesel and generators.
According to him, the government should also enhance transportation networks, including roads, rail systems, and ports, to reduce production costs.
Ekeyi said that there was also need for the Federal Government to expand broadband access and ensure affordable internet for businesses to enhance efficiency and market access.
To enhance security for businesses, he said the government must tackle challenges like banditry, kidnappings, and oil theft to protect investments in agriculture, manufacturing, and mining.
“There is a need to stabilise macroeconomic policies by reducing inflation, ensuring stable exchange rates and ensuring effective monetary policies.
“The Federal Government should provide clear fiscal policies that encourage production rather than excessive taxation or policy uncertainty.”
On improving access to finance, Ekeyi said the Federal Government should give low-interest loans and grants for businesses, particularly Small and Medium Scale Enterprises (SMEs) and manufacturers, through structured government-backed financing schemes.
He added that the government should strengthen development finance institutions like the Bank of Industry (BOI), Development Bank, and NEXIM Bank, among others, to support producers.
Ekeyi emphasised the need to enhance local production and industrialisation by implementing import-substitution strategies that support local manufacturing, thereby reducing dependence on foreign goods.
According to him, the government should offer tax incentives and reduce bureaucracy for businesses producing locally.
“Encourage value addition in sectors like agriculture, mining, and oil and gas rather than exporting raw materials.”
Ekeyi suggested that the government strengthens agricultural productivity by providing modern equipment, improved seedlings, and mechanisation incentives, while also developing storage and distribution networks to reduce post-harvest losses.
“There should be support for agro-industrial zones where farmers can process and add value to their produce.”
The expert said the Federal Government should revamp the oil and gas sector by fully operationalising local refineries, including the Dangote and NNPC refineries, to stop excessive fuel imports.
“Strengthen the Petroleum Industry Act (PIA) to attract more investment into oil exploration, refining and gas utilisation.”
On improving the ease of doing business, he said the government should reduce bureaucratic bottlenecks in business registration, taxation and compliance.
“Regulatory processes should be digitised to cut corruption and delays in business operations, and implement one-stop business hubs to simplify permits and approvals for industries.”
Ekeyi urged the government to boost funding for research and development in universities, polytechnics, and private firms.
He emphasised the importance of supporting the tech and startup ecosystem to enhance innovation and job creation, as well as promoting local content policies that encourage businesses to source inputs locally.
“A pro-business economic environment requires a holistic approach that tackles infrastructure deficits, insecurity, financing barriers, and regulatory inefficiencies.
“By addressing these challenges, the government can stimulate production, create jobs, attract investments, and boost economic growth sustainably,” he said. (NAN) (www.nannews.ng)
Edited by Ese E. Eniola Williams
