Emmanuel OchayiIn a bid to stimulate Nigeria’s economic growth trajectory, stakeholders including and economic experts advocated the adoption of Public-Private Partnerships (PPPs) and enhancing revenue streams through taxes to bolster the nation’s Gross Domestic Product (GDP)
Oluwole Adeosun, the President of the Chartered Institute of Stockbrokers (CIS) addressing a workshop at the 2023 Annual National Workshop in Abuja, expressed concern over Nigeria’s stagnant double-digit GDP growth since 2002, emphasizing that the economy’s foundational elements trace back to the 1970s and 1980s.
He stressed the significance of embracing PPP models to revitalize economic growth, citing its potential to alleviate poverty and expedite development.
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“It has been established globally that one of the most effective routes towards achieving fast-paced economic growth is the adoption of Public-Private Partnerships,” Adeosun remarked.
“Our present infrastructure deficit is estimated at $3 trillion over the next 30 years, posing a challenge that requires correction. Utilizing the capital market optimally will significantly enhance the effectiveness of PPP in accelerating Nigeria’s GDP growth.”
Dr. Ayo Teriba, CEO of Economic Associates, highlighted liquidity challenges as a fundamental issue plaguing Nigeria’s economic landscape. Teriba stressed that the nation’s economic woes stem from fiscal, forex, and systemic illiquidity, advocating for a shift in reliance from taxation revenues to leveraging the country’s assets for economic expansion.
“The basic economic problem in Nigeria is illiquidity,” Teriba stated. “Growth is a consequence of liquidity. Nigeria should capitalize on its assets to propel economic growth instead of solely relying on taxation revenue.”
The collective sentiment from these experts underscores the urgency to pivot towards PPP models, optimizing the capital market, and redefining revenue streams to navigate Nigeria’s economic challenges and pave the way for sustainable growth.
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