Financial experts have highlighted the need for the federal government to implement the National Development Plan 2021-2025 (NDP) to boost the country’s economic growth.
The experts said so during a webinar on Saturday on the topic: “Resetting Nigeria’s Economic Growth Trajectory”.
They said practical steps should be taken to implement the plans to increase revenue generation.
The Nigeria News Agency reports that the NDP which succeeds Vision 20:2020 introduced in 2009 and the Economic Recovery and Growth Plan is a bridge for the country’s long-term plan currently under development, ” Nigeria Agenda 2050”.
The vision of the plan is to unlock the country’s potential in all sectors of the economy for sustainable, holistic and inclusive national development.
Mr. Lamido Yuguda, Chief Executive of the Securities and Exchange Commission (SEC), said the implementation of the NDP would boost productivity, employment and living standards.
Yuguda, represented by Mr. Dayo Obisan, Executive Commissioner for Operations, SEC, said the successful execution of the NDP was critical to economic growth since its objectives cut across all sectors of the economy.
“The federal government already has several laudable economic plans and the focus should be on increasing the level of implementation of these plans.
“The NDP is one of those plans that the government can focus on that aims to foster economic growth and improve productivity.
“One of its big goals is economic diversification to improve non-oil revenues and increase the dollar-earning capacity of our non-oil exports.
“It also focuses on infrastructure investments; security and good governance; education and a healthy population; poverty reduction; economic and social development in all states,” he said.
Ms. Chizor Malize, Managing Director of the Financial Institutions Training Center (FITC), stressed the need to move from a nation of consumption to production for increased export capacity.
According to her, the government should take inspiration from Asian countries on how they develop their economies, especially in the areas of public health, transport, technology and housing.
Malize said the best way to boost employment on a large scale is to review education and curriculum policies to equip and stimulate young people to become labor employers.
She called on the government and other relevant stakeholders to systematically create an enabling environment to foster micro, small and medium enterprises.
“In China, we see a lot of strength and sophistication around technology, but it will interest you to know that China started its reform from agriculture.
“China recognizes the importance of food security and poverty alleviation, so it has leveraged investments in agricultural policies to create change and catalyze growth and empowerment.
“One of the main reasons for Singapore’s success is its visionary leadership, as it deliberately linked political stability with economic growth.
“Singapore was deliberate on public health, transport and housing infrastructure as well as free market principles where businesses can thrive and attract foreign investors without the huge tax burden.
“Japan was crushed after World War II, but now manufacturing has elevated Japan and earned them respect around the world,” she said.
Malize added that the FITC is doing a lot to empower young people with its development-oriented projects in the fields of innovation, environment, agriculture, technology and health.
Also speaking, Mr. Johnson Chukwu, Managing Director of Cowry Asset Management Ltd., urged the government to do more to develop the manufacturing, information and communication technology (ICT) and trade sectors. , as they are the main drivers of economic growth.
Chukwu said growing the manufacturing sector involves considering factors such as infrastructure, power supply, logistics, seaports for importing and exporting goods, transportation and availability of initiatives. development finance.
He also highlighted the need to develop human capital in the sector by ensuring the availability of quality education to build skills and capacities as well as produce quality goods for competitive advantage to attract investors.
“The ICT sector contributes about 16.2% to the economy.
This is the new digital economy and the government must do everything to encourage the sector,” he said.
On his part, Mr. Taiwo Oyedele, Fiscal Policy Partner and Africa Tax Leader, PwC, called on the government to harmonize taxes and demonstrate their value to citizens; encourage tax morale and increase government revenue.
Oyedele said tax evasion in the public sector also poses a big challenge to the government as it loses revenue.
“The biggest tax avoidance in Nigeria is in the public sector, with departments and agencies within ministries not paying taxes to the government.
“The government must think about harmonizing taxes because the number of taxes and the number of agencies collecting them are too numerous.
“Nigerians pay taxes but the government does not collect them due to corruption, leakage and inefficiency.
“Therefore, to address the revenue issues, the government should address these leaks through automation, intelligence and data,” he added.