Current economic climate not conducive for business –Don

Associate Prof. Hassan Ibrahim is the Dean, Faculty of Administration, Nasarawa State University, Keffi (NSUK).
In this interview with Dominic Akpensuen, he advises the federal government on a number of policies necessary to create investor-friendly climate for rapid economic growth and development.

Nigeria’s benefit from the conference you organised The theme of the conference we organised in July is, “Managing Economic Recovery.” All economic indices indicate that Nigeria’s economy is out of recession.
This brings about the question of how to manage the economy in order not to go back to similar experience.
That was the target of the conference.
We invited scholars and stakeholders from different universities who contributed to the way we can sharpen Nigeria’s economy so that recession would not return again.
Although recession is a global phenomenon, Nigeria is one of the countries which had experienced it lately.
Every year Nigeria partners foreign countries to improve its economy, but it seems nothing has being done.
The best process for Baffa Associate Prof.
Hassan Ibrahim is the Dean, Faculty of Administration, Nasarawa State University, Keffi (NSUK).
In this interview with Dominic Akpensuen, he advises the federal government on a number of policies necessary to create investor-friendly climate for rapid economic growth and development.
Nigeria to handle and manage its economy should be gradual because we have economic experts and scholars with various perspectives that ought to come together and proffer solutions to Nigeria’s economy through researches.
We have good economic experts who make policies and analyses, but the major challenge is the implementation aspect.
Nigeria has foreign partners, but the problem is the foreign direct investment, and also the issue of irregular cash flow into the economy that prevents it from growing.
Instead, most of our imports are from China.
This is the reason why government has to partner China for bilateral trade relations that will minimise the extent of money being spent as foreign exchange.
By doing so, we will no longer use American dollar as foreign exchange medium, and this will reduce the cost of importation.
But government should first put in place mechanisms to attract foreign investors because Nigerian economy, at present, is not conducive for investors in the sense that there is no electricity to power production processes.
How can foreigners invest where there is no stable power supply when the major component of factors required to stabilise the economy is electricity? But we thank God that the present administration is doing its best to improve electricity supply, which if successful, could boost the nation’s economy rapidly.
Nigeria-China bilateral relation since 1999 Nigeria has gained from the bilateral relation with China.
The problem before now was that government might enter into agreement but when it came to implementation, Nigerians always asked for kickbacks, which directly affected the economy.
But our solace is that with the present administration of President Muhammadu Buhari, it is very difficult for government officials to continue asking for bribes.
China is a nation with high potentials for technology, engineering and skills in other fields.
Therefore, by partnering it, we will be better off.
Ways to enforce policy implementation Government always has good intention for citizens.
Note that the Treasury Single Account (TSA) policy had been there for long before President Muhammadu Buhari came to implement it; and it is now working effectively as ministries, parastatals and government agencies have complied with it.
Even those banks that had been reluctant to transfer government funds to TSA were sanctioned.
Those that are mostly faulted in this aspect are the civil servants.
Luckily, any civil servant that fails to implement this government’s policy knows the consequences.
Present leadership in education sector Education sector is the backbone of every nation.
Any country that wants to grow must give priority to education.
As far as the present government is concerned, they are doing what they ought to do, yet they still have a lot to be done because education supposed to be given attention by the government.
Graduates who are not employable need to be empowered through entrepreneurial skills in order that after graduation they become self-reliant.
When education is given the needed attention, it will have a multiplier effect on the economy.
When quality graduates with entrepreneurial skills are produced they become employers of labour and consequently raise national productivity.
State’s approval for more universities It is right for government to give more approvals or licenses for the establishment of new universities.
This is part of the solution to our educational problems because our higher institutions of learning are not enough to accommodate students graduating from secondary schools.
Besides, we need more tertiary institutions and funding to improve on the quality of graduates we produce.
Another thing is that those institutions we already have are not well quipped.
Many candidates seek admission into tertiary institutions through the Joint Admissions and Matriculation Board (JAMB) but there are no facilities to accommodate them.
And because JAMB decides what number of students to admit based on the facilities and staff on ground, many candidates are denied admission.

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