September 26, 2017

How to promote economic revival agenda, by NECA

neca.. How to promote economic revival agenda, by NECA. NAIJA INVEST

NON-DIVERSIFICATION of the country’s economic base, unfriendly procurement policy and inadequate funding of social security, have been identified as the major challenges facing the nation’s economy.

X-raying Nigeria economic in a chat with The Guardian at the just-concluded International Labour Conference in Geneva, Switzerland, the Director-General of the Nigeria Employers consultative Association (NECA), Olusegun Oshinowo, said the country needs to diversify its economic base and change the national policy in favour of locally-made goods.

Oshinowo, who decried economic growth without development, said the time to ask questions has indeed come.

His words: “Nigeria’s economic growth does not appear to translate into meaningful social development in terms of creation of jobs, reduction of poverty, enhanced standard of living for the people. The question Nigerians should be asking themselves is: why is economic growth not translated to job creation, social development and enhanced standard of living?

“This is because the drivers of the growth itself are within one or two sectorial groups that are captive sectors within the economy.

“For example, the oil and gas sector, which takes prime place within the economy, is not generating massive employment because it is a sector that is driven by technology and ICT. What we simply need to look at is a growth model that would be inclusive. In looking at this, we need to diversify our economy. Diversification is key to ensuring an inclusive job-rich growth.”

The NECA scribe said successive governments have for too long refused to put appropriate policies in place to ensure mass involvement in the productive sector of the economy.

“Our most precious resource today is oil and gas for which we have comparative advantage. How have we been able to translate it into an overall advantage for the economy? We have not been able to do that because all what we do is simply export the product in crude format for sale.

neca-dg-oshinowo.. How to promote economic revival agenda, by NECA. NAIJA INVEST

neca-dg-oshinowo.. How to promote economic revival agenda, by NECA. NAIJA INVEST

“If we had recognized forward integration of value added, we would have embraced the option of processing the entire crude into refined products before export which would have generated several economic activities that would have resulted into creation of several millions of jobs and involve a larger proportion of the populace”, he stated.

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IMAGES: www.businessdayonline.com / http://www.ngrguardiannews.com

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