Expert urges FG to translate economic growth to development

Sango-Ota (Ogun), March 5, 2020 (NAN) A Financial Expert, Dr Samuel Nzekwe, has advised the Federal Government to translate the recent growth by the Nigerian economy into improved living condition for the people.

Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN), gave the advice in an interview with the News Agency of Nigeria (NAN) in Ota, on Thursday.

Bloombery, a private financial, software, data, and media company based in U.S, on Wednesday announced Nigeria’s re-emergence as Africa’s biggest economy as the country’s Gross Domestic Product (GDP) grew by 2.55 per cent and its economic growth rose by 2.77 per cent from 1.91 per cent in 2019.

Nzekwe, however, noted that an ordinary Nigerian had not experience the benefits of the growth in practical terms.

“Unemployment is still high, inflation rate has not been changed as the common man on the street has not benefited from Nigeria being the largest economy in Africa,” he said.

He urged the federal government to develop critical infrastructure like electricity and good roads as well as ensure adequate security in order to sustain the economic growth.

“The federal government needs to create enabling environment for the productive sector to thrive and produce at an optimal level.

“The country should consume less imported goods and export more goods to boost its Gross Domestic Product (GDP),” he said.

Nzekwe said the action would enable Small and Medium Enterprises (SMEs) have opportunity to thrive and improve employment opportunities created in the country.

He said that provision of enabling environment would drastically reduce inflation rate as well as sustain the rating of Nigerian economy as the largest in Africa.(NAN)