FOREMOST political economist Prof. Pat Utomi has canvassed the need for discipline, planning and proper governance to improve the economy.
Utomi spoke at the breakfast meeting of the Society for Corporate Governance Nigeria (SCGN) at the Oriental Hotel on Victoria Island, Lagos.
Delivering a lecture with the theme: “Nigeria Economy: Myths and Facts”, Utomi said the country’s economy was clouded with uncertainties.
To become a global leader, Utomi said Nigeria must compete, urging stakeholders to identify and focus on areas to boost the economy.
According to him, there was need for a growth framework to ensure that right policy choices were made, human capital, entrepreneurship and entrepreneurial skills adequately available.
Utomi noted that growth and improvement of culture and value systems must be present and a proper leadership structure put in place.
The political economist stressed the need for discipline and commitment as it relates to credibility of the budget process.
Also speaking, Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, noted that the economy was greatly affected by global shocks, leading to a negative economic outlook.
Contrary to beliefs, the fall of the naira, he said, was majorly as a result of a shortage of foreign exchange orchestrated by drop in oil prices and not necessarily the devaluation of the naira.
He noted that with or without oil, Nigeria remains the largest economy in Africa and will contribute $25 billion of the $100 billion on the continent.
Teriba explained that the leaders should aggressively court foreign direct investments to boost the nation’s economy.
He emphasised the need to block leakages by stopping oil theft and abuse of the fuel subsidy regime, as well as duty/tax abuses.
Teriba also advised the withdrawal of ‘autonomy’ from revenue-collecting agencies and capture value created by government interventions.
According to him, the government should encourage investors, thereby causing either an outright liberalisation or a co-partnership with the private sector.
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