With the World Bank making a report that over 129 million Nigerians now live below the national poverty line, Dr. Franklyn Akinyosoye , a Nigerian Economist has revealed how Bola Tinubu – led APC government can reduce suffering and follow the path of greatness for Nigeria.
Dr. Akinyosoye said that he fully supports the complete removal of fuel subsidy in the country, but insisted that there are some aspects of the Nigerian economy that must still enjoy subsidy.
“There are some aspects of the economy you need to subsidise but don’t subside petrol. The government should subside agriculture, energy only for production and industrial development,” Dr. Akinyosoye told Totori News exclusively in Abuja.
“In terms of the economy, the government should find way to create a robust credit scheme. Nigerians are finding it difficult to access loans. During the Obasanjo’s administration, the middle men came back into the Nigerian livelihood strata, but now the middle men are no where to be found.
“Let the government create clusters for SMEs, MSEs, Agriculture, Miners ( artisan miners) and then it will be easy for government to intervene in their projects and be able to do monitoring and evaluation of your intervention effectively.
“If there are no clusters, it will be very difficult to do that. Also, create an intervention fund specifically for women entrepreneurs.
“If the government creates a scheme where the average Nigerian can access credit, mortgage to be able to build or buy a house, to buy a car, start or invest in his business, all these will help to reduce the suffering in the land.
“The government should intervene a little bit in the forex. Remove duties from some items that will encourage industrialisation have already been done by the government which is commendable. Increase duties on those items that are luxury. Items like gold, silver, shoes, clothes to mention, but a few and make more money from there.
He delved into the steel industry where he opined that Nigeria can flourish if the area is managed effectively with good reforms.
“Look at the steel industry. The steel Industry will help in industrialisation. The reality today is that Nigeria do not need to invest in Ajaokuta steel industry anymore. If I were this government, i will close down Ajaokuta steel company.
“I will create an economic committee on steel and still have a small steel rolling plant in four or five states in Nigeria. One in Delta, Kogi, Kebbi, Akwa – Ibom and any other state again. These steel plants can produce far lower tons than Ajaokuta would have produced.
“I will even allow Ajaokuta to be bulcanised. Let them break those machines down and use them to create some other small cluster steel rolling mills in Nigeria, even aluminum. Most of these aluminum pipes are being imported.
Knowing fully well how talented is the youthful population of Nigerian in this era of technology, he noted that investment in vocational education and technology are double key ventures that will put the country on the right track.
“The government will have to invest heavily in vocational education. Create curriculum and endowment that will fund the curriculum for these universities or higher institutions.
Look at the technology industry. We have many Nigerians creating wealth in the technology industry. It will therefore be important to have tech hubs in all the states of the Federation. Let the states supply the land and the federal government to build tech hubs and provide resources for the tech hubs.
“Once these tech hubs have been built and developed, there is nothing stopping Nigeria from making money.
He frowned at the issue of fiscal policy where excess tax is suffocating a lot of businesses in the country and advised that it will be better for Tinubu and his team of economic experts to reduce the lending rates.
“The government should look at the fiscal policy in such a way that it will not continue to inflict pain or kill Nigerians. The tax policies must be reduced, your lending rates must be reduced and find ways to manage the inflation rate in the country and if all these can be achieved, Nigeria is on the path to greatness,” he concluded.
Dr. Franklyn Akinyosoye is a seasoned investor, businessman and economic analyst. With over 30 years working experience in banking, financial sector, and business consulting.
He has worked with several international organisations, Smes, government agencies. He has also worked with state governments on investments and empowerment. He belongs to several boards, chartered Institutes and clubs.
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