Sound Economic Policies, Private, Public Sector Balance Of Responsibility Key To Sustaining Economic Growth - Dr. Membere Otaji

Source: Dr. Emi Membere-Otaji, PHCCIMA President
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Emi Membere-Otaji, PHCCIMA President

Port Harcourt Chamber of Commerce has said putting in place sound economic policies involving a rational balance of responsibilities between the private and public sector are paramount to securing sustained and widespread economic progress in the country.

Speaking in a business forum in Port Harcourt, the President of Port Harcourt Chamber of Commerce, Dr. Emi Membere-Otaji noted that this has become imperative as the private sector happen to be the livewire of growth in production while the public sector establishes the framework and enabling environment for growth through the setting up of sound macroeconomic policies that provides economic prosperity to the people.

The PHCCIMA helmsman observed that the falling prices in global oil prices may have greatly affected the Nigerian economy; it is not the end of the world. Infact he said it can be a blessing in disguise capable of turning our fortunes around. However government must ensure it institutes a policy thrust with human face to attract Foreign Direct Investment (FDI), it can create an enabling environment for businesses to thrive and boost employment in the country.

Dr Membere-Otaji explained that economic development stalls when governments do not uphold the rule of law, pursue sound economic policy, and make appropriate social investments, in national decision making.

In conclusion he said Nigerians must accept the fact that oil is truly gone and focus on other core areas of the sector like solid minerals and agriculture and divert the capacities in the core oil sector to other sectors.

He explained that government can make up for the shortfall by harnessing the value chain in crude production with the glut of products derivable from crude and gas products. “Following the fall in oil prices they must as a matter of priority look inward to these value chain and leverage on them

Petroleum according to him is also a key input in a variety of products, including plastics and fertilizer, crayons, dishwashing liquids, eyeglasses, tire, garbage bags, power generation among others.

Also in addition, while the private sector leverage on the large arable land which the country is blessed with to pursue aggressive farming and its value chain –agro allied industries.

More importantly, we must provide incentives to encourage manufacturing, put in place tax rebate to give soft landing to investors and tackle the issue of epileptic power supply which particularly has been instrumental to stifling our national growth as a country.