Nigerians Need To Be Patient Over Economy –Former Minister

MICHAEL AKINOLA

Former Minister of Industry, Chief (Mrs) Nike Akande, has urged Nigerians to be patient and expect more improvement in the nation’s economy.

Akande made the plea on Friday while speaking on the sideline of a one-day Vanguard Newspaper Economic Discourse with the theme “Economy in Rebound: Pitfalls, Trajectories and Resetting’’ in Lagos.

She stressed that the nation’s economy was improving gradually and the reserves had improved.

“We are out of recession and also the Ease of Doing Business is working. Things will continue to improve but we should be patient,” Akande, immediate past president of the Lagos Chamber of Commerce and Industry said.

She added; “When the budget is passed by the National Assembly, it will fast track developments.”

The former minister explained that once the budget is approved, it would fast track developments because there would be enough funds to execute capital projects.

Gbenga Adefaye, General Manager and Editor-In-Chief, Vanguard Newspapers, called for a total review of the nation’s economic system.

Adefaye suggested reviews of tax system, property ownership system as well as the nations’ agricultural and manufacturing systems to take care of the unemployed.

Adefaye said: “We need to do a total review, a total restructuring of our economic system. We must discuss the economy and we must restructure it. We must make this country livable.”

According to the seasoned journalist, “there have been improvements in the oil revenue and stability in the oil business. We have moved from negative to positive and this is why we are out of recession.”

He added that the data obtained from National Bureau of Statistics, the Central Bank of Nigeria and other research organisations pointed at positive macro-economic indices.