Some people are of the opinion that the economic plans of President Bola Tinubu looks too ambitious, it is good to let them know that they are also achievable.
Nigeria’s economic growth at less than 3%, has been termed weak according to the International Monetary Fund (IMF), due to high inflation, cash crunch among other problems.
President Tinubu, in his resolve to improve the economy, must adopt a pragmatic approach that will yield the desired results.
Focus More On Agriculture And Manufacturing
The administration of President Tinubu should focus more on the agriculture and manufacturing sectors because they can contribute a lot to the growth of the economy.
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Standardised framework for agricultural produce should be introduced and implemented so that Nigeria can generate income from the exported goods.
Opportunity to make good profit from exporting Nigeria’s agricultural produce had been wasted in time past and such should not continue at a time like this when the economy is in dire need of improvement.
The manufacturing sector is another sector that is full of opportunities for revamping the economy, this government should work hand in hand with key players to harness the sector’s wealth.
If Nigeria is manufacturing goods and exporting same, this will contribute heavily to her GDP and change improve economic stance of the nation.
Cut Politicians/Government Official’s Profligacy
The financial reckless extravagance of political office holders and government officials in Nigeria, are too much for a country whose economy is ridding all over with debt.
They should be cut down to the barest minimum.
According to the Debt Management Office (DMO), Tinubu’s administration has inherited a debt profile of ₦77 trillion from the past government. Reversing this trend should be the priority of this administration in revamping the economy.
In this wise, there is need to train government officials and political office holders on how to public finance.
Unify Exchange RateÂ
Multiple exchange rates are grounds for rent-seeking, currency substitution, foreign exchange hoarding position, dwindling reserves, and Naira volatility.
Having a stable and predictable Foreign Exchange (FX) market therefore, will restore investors’ confidence in the economy.
It will rebuild investors’ confidence and give assurance of the safety of their investments, especially at this time that many foreign firms have divested a lot of their investments in Nigeria.
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Increase Tax Net To Cover Companies Not Covered
In his bid to increase the revenue generation capacity of the country, and achieve the six percent growth in Gross Domestic Product (GDP), Tinubu must revamp the laws.
The nation’s tax system needs urgent reform so that many companies will be brought into the tax net.
There is need for government and the private sector to work together to create more jobs.
