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Experts seek OPS partnership, investment to grow economy

Experts seek OPS partnership, investment to grow economy

For Nigeria to achieve its desired economic growth, there is need for increase organised private sector investment and participation, experts have said.

The business experts who gathered at the RMB Nigeria’s yearly economic and business breakfast conference in Lagos on Tuesday, titled, ‘Unlocking real sector growth to drive sustainable economic development’, want government to create enabling environment for businesses to thrive while fixing infrastructure to achieve productivity in all spheres of the sector.

They also tasked government on robust partnership with the private sector to grow the economy.Speaking at the event, Former Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, said it was important that Nigerians accept responsibility for building the economy that they want to see rather than basically handing over the responsibilities to somebody else.

“I do think working together with government, private sector and all stakeholders in the economy, we will see a much better economy going forward”, he said.

On the economy, he said: “My expectation is that we would see a lot of growth in job creation and create the right environment for the economy to grow. I expect to see renewed emphasis on infrastructure and the growth of infrastructure; I expect that you will see renewed focus on a business friendly environment in terms of attracting more investment to build the economy and infrastructure. I expect a more robust partnership in the private sector.”

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Chief Executive Officer, Nigerian Stock Exchange (NSE), Oscar Onyema, also stressed the need for more partnership between private and public sector. Onyema said: “We need to have partnership between financial institutions and the users of fund in various sector of the economy; we need partnership between the users of funds and the providers of funds and we need to do all of that in a context where we are managing our population growth to be more fitted to the economic growth.

“We need to have it in a context where human capital is improving in terms of health and education and quality of service, we need to do it in a context where there is infrastructure to provide the basic building blocks that facilitate foreign portfolio investment, foreign direct investment and domestic investment as well,” he said.

In his remarks, Chief Executive Officer, RMB Nigeria and Regional Head, West Africa, Michael Larbie, said commercial banks need to understand various industries in various sectors properly and also understands the clients who they deal with.

“Banks should invest more in the agricultural sector and capacity building, it is interesting to say banks now have agricultural desk, whether they have the right amount of people or not, the intent is there. I am confident that in due time, as the banks increase their lending in agriculture, it behoves us to have experts who are knowledgeable in the sector.

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Speaking on the conference, Larbie said: “The goal was to bring practitioners and financiers together, so they can interact and understand what the issues are and discern them into actionable that can be followed up.”

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