Most importantly, Nigeria must strive to build an export-driven economy, which is crucial for realising its true potential.
Competing directly with Chinese, Vietnamese, or “Asian tiger” economies in garments, electronics, or automobiles may be overly ambitious. However, Nigeria can focus on agriculture , gas, and specialised human capital to gain a competitive edge.
Therefore, for the Tinubu-led administration to achieve its ambitious goals of doubling the GDP within eight years, creating 50 million jobs, and lifting 100 million people out of poverty, it must prioritise the short-term survival of Nigerians. As the renowned economist, John Maynard Keynes, once said, “In the long run, we are all dead.
Furthermore, it must ensure that businesses, small and medium enterprises , and large corporations can access affordable capital. As a result, the proposed $800 million loan from the World Bank – which was initiated by the previous administration – should be directed towards mitigating the impact of subsidy removal by improving public transportation systems and providing affordable and accessible capital for SMEs.
Competing directly with Chinese, Vietnamese, or “Asian tiger” economies in garments, electronics, or automobiles may be overly ambitious. However, Nigeria can focus on agriculture , gas, and specialised human capital to gain a competitive edge. Also, since neighbouring countries rely on Nigeria’s subsidised fuel, we can become the dominant petrol trader in the subregion with efficient refineries and improved productivity.
Admittedly, President Buhari set a low bar, but Tinubu’s pace and decisiveness are sending the right message.Share this:
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