Economic experts said Nigeria needs to reduce its public debt and improve capital development to end economic hardship. A renowned economic strategist, Dr Justin Amase and Lanre-Peter Elufisa, the Country Executive Director of Ominira Initiative, disclosed in separate statements at the Freedom in Nigeria Conference, held in Abuja Thursday.
On his part, Amase said that there is a need to urgently tackle insecurity and solve the fundamental problem of power supply. According to him, power and transportation are the two critical infrastructures needed to boost any form of entrepreneurship and then improve market access to reduce inventory costs. Amase, the Managing Director and Chief Executive Officer of Macrostract, stressed that Nigeria should drive initiatives in the power and transportation sectors to stabilise the economy.
So there have not been any serious decisions about how to change the economy,' he said. He noted further that the price of oil, the country’s mainstay, is determined by external forces. 'So the fundamentals will continue to be weak unless we diversify,' he stressed. Elufisa, in his statement, urged Nigeria to remove all barriers to productivity. He said this is the only way businesses could strive in the country.
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