Nigeria’s economic development, experts seek partnership

Mr. Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has called for increased collaboration between the citizens and the government to boost the nation’s economic development.

Oyedele made the call while delivering a keynote address at the hybrid 16th annual lecture of the Lagos Chapter of the Nigerian Institute of Quantity Surveyors (NIQS) held in Victoria Island, Lagos.

The theme of the event was “Nigeria’s Economic Policies: Effects, Challenges, and Strategies for Sustainable Economic Stability”.

Oyedele explained the principles and importance of fiscal and monetary policies in shaping the economy.
He said that the problem with the economy was not the cost of governance but rather the lack of adequate finances to run the nation.

“If you look at the budget of all the states, it is N16 trillion. If you add 16 to 29, it is about 45 trillion Naira.

“That N45 trillion is barely 30 billion dollars for 200 million people.

“That 30 billion dollars is less than the budget of Kenya, which is 32 billion dollars for 54 million people.

“It is less than one-quarter of the budget of South Africa and less than 30 per cent of the budget of New York City, not New York State, which is 107 billion dollars,” he said.

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Oyedele pointed out that Nigeria’s budget was higher than its revenue, and at about N18 trillion, representing only half of the funds required.

He added that the nation’s revenue was not enough to pay salaries alone under the proposed minimum wage being agitated by labour unions.

“If you take the entire revenue of the Nigerian government, local government, state government, and federal government, and you pay only the salary of civil servants, you cannot pay N500,000 per month.

“If you pay N500,000 per month per civil servant, that whole money is gone, leaving no money for defense, roads, or anything else,” he explained.

He urged NIQS to sponsor bills that tackle critical issues related to taxes and obsolete legislation affecting land, construction matters, and the economy.

Dr. Olujide Oke, Managing Partner at Jim Partnership, spoke on policy mistakes of previous and current administrations and how the challenges of COVID-19 affected productivity.

Oke called for the upscaling of social skills and the provision of an enabling environment, including a stable power supply, to stabilise the economy.

He listed strategies for sustainable growth, including reviewing the cost of governance, improving security, strengthening monetary policies and rehabilitating the nation’s refineries.

According to him, others include boosting the ease of doing business, investing in accessible and affordable power, enhancing revenue generation, diversifying the economy, providing social safety nets, and exploring alternative energy sources.

Dr. Paul Alaje, a financial expert, described Nigeria as a nation chasing its tail by not properly utilising its human and natural resources.

Alaje, Chief Economist and Senior Partner at SPM Professionals noted that unemployment figures have worsened, but current statistics appear low due to changes in measurement parameters.

He suggested some indicators and provided statistics for the economic development while also urging the government to build strong institutions to curb corruption.

Alaje also emphasised the need to tackle insecurity affecting food production, boost manufacturing, address unemployment, stabilise the exchange rate and combat corruption.

He appealed to Nigerians to consume local products as an act of patriotism to grow the economy.

Other speakers called for an enabling environment, fair taxation, sustained spending and responsible borrowing for Nigeria to surmount its economic challenges.

They also advocated for improved power supply, investments in infrastructure, enhanced productivity, and quality healthcare delivery.

Mr Kene Nzekwe, the President of the Nigerian Institute of Quantity Surveyors (NIQS), commended the Lagos chapter for organising the event and choosing a topic that addressed current challenges facing Nigerians.

Represented by his deputy, Aminu Bashir, Nzekwe urged the conference to provide solutions to the exodus of investors and the high cost of living eroding capital and increasing poverty.

The NIQS Lagos State Chapter chairman, Olanrewaju Farotimi, highlighted the importance of effective economic policies for sustainable growth and stability.

He welcomed participants and urged discussants to provide deeper insights into Nigeria’s economic journey, the challenges faced, and strategies for achieving stability and prosperity.