Economic policies’ implementation should not be politicised, stakeholders urge FG

By Joy Obakeye

Some stakeholders in Nigeria’s socio-economic space are urging the Federal government to be more pragmatic in implementing policies centred around economic growth and development.

They noted that as the country prepares for general elections in 2023, there is a need for selfless and competent leaders that will proffer solutions to the high level of corruption and poverty.

The experts disclosed this in Lagos, at the National Economic Dialogue, organised by Nigerian Employers’ Consultative Association (NECA), tagged ‘Promoting a Novel Approach to Policy Design, Implementation and Monitoring in 2023.’

In a paper presentation, the keynote speaker, a Professor of Economics, at Lagos Business School (LBS), Bongo Adi, said that no country can manage its economy without economic diversification, market diversification and political entrepreneurship.

READ ALSO: Group hails G5 Justices’ decision on Justice Olukayode

Speaking on the policy-making process, he said that consequently, in the area of policy-making, the one-size-fits-all approach is not applicable, and one has to search for solutions considering its pressing problems and the prevalent context, while also learning from the development of other nations and failures.

“The nation must be able to set main priorities in politics and thus put forward a national development agenda.”

He further explained that no country can manage its economy without economic diversification, market diversification and political entrepreneurship, stressing that If the economy does not grow, poverty will not be eliminated because you cannot eliminate poverty by targeting poverty”, he said.

Speaking during a panel session, The Managing Director of BusinessDay Media, Dr Ogho Okiti, said for corruption to be curtailed, private sectors should speak as an industry when approaching the government with some policies and not as a company.

“We are slow to adjust. Imagine that we have been on the issue of subsidy removal for over 20 years because our politics are not right. Also, we are not localizing our policy, whether it is infrastructure, security, Agriculture etc. There are so many to do if we can align our politics with incentives that are required for us to develop and we must ensure we adjust our policies as quickly as possible for the nation to thrive.”

Fiscal Policy Partner and Tax Leader, (PwC), Mr Taiwo Oyedele said to solve the nation’s challenges that there should be data-driven policies, inclusive approaches and coordination.

According to him, “our leaders think our problem requires money. Our problem has nothing to do with money but the implementation of policies, adding that inconsistency is what is affecting the economic growth of the nation.”

He urged NECA to build institutional capacity for policy engagement that will bring all private sectors together to have a voice in economic decisions within the government.

Also, the Chief Executive Officer, of the Center for the Promotion of Private Enterprises (CPPE), Dr Muda Yusuf said that the creation of an enabling business environment, the policy environment is very critical for the nation’s growth.

He stressed that “in the economy today, people doing business are finding it very difficult to thrive. The policymakers are making more money than the entrepreneurs themselves. The creation of an enabling business environment and policy environment is very critical. We should be specific on the policies and their implementation for the nation’s growth.”

Partner and Global Transfer Pricing Head, Andersen, Dr Joshua Bamfo added that we need to have sustained high economic growth.

However, the Director-General of NECA, Adewale-Smatt Oyerinde, said a policy document would be put in place for effective advocacy to guide the incoming administration.