Saraki Describes Nigeria’s Economic Woes As Blessing In Disguise

BEVERLY HILLS, March 02, (THEWILL) – The Senate President, Dr. Bukola Saraki has reasoned that Nigeria should take advantage of the current economic challenges to set the stage for a post-oil era in which the private sector steers the ship of the economy while the government provides the enabling environment.

Noting that the difficult situation presently facing the country present an opportunity to show leadership, courage and ingenuity, Saraki said the time has come for the ruling class to show leadership and courage in addressing the economic challenges facing the nation.

He made this assertion on Tuesday when consultants, under the auspices of the Department for International Development, DFID, came to present a-168 page report titled: Comprehensive Review of the Institutional Regulatory, Legislative and Associated Instruments Affecting Businesses in Nigeria to both chambers of the National Assembly in Abuja.

The experts had earlier told the legislators that 54 of the country's existing laws have to be either amended or repealed if the country is to make progress in her quest to attract investors and become business-friendly.

According to the Senate President, “The National Assembly through our legislative agenda seized on the moment to chart a new course for the nation's economy; the legislative agenda we have adopted is one framed largely around good governance, accountability, opening up of the economy for greater investment, ease of doing business and security of lives and property.”

While assuring that the 8th National Assembly would give priority to the amendment of obsolete laws, he stressed that since some of the affected laws require constitutional amendment, the process would be expedited to ensure that all stakeholders concerned make the changes happen as soon as possible.

Saraki maintained that the collaboration with the private sector, development partners, professional groups such as the Nigeria Bar Association, NBA, as well as the academia in on-going process to review laws affecting doing business will give birth to a new business environment that will boost the economy, solve the problem of unemployment, curb social vices and restore our national values and pride.

He insisted that both chambers of the National Assembly are working in tandem with President Muhammadu Buhari's policy on diversification of the economy, stressing that “Our President has laid out a vision to fully diversify the economy beyond oil and has been committed to the actualisation of the project.

“The overarching objective of the agenda targets private sector investment and business development as a major plank of the plan. This is because of our belief in the ingenuity, creativity, entrepreneurship of our people and that in order to create jobs, give our people better opportunities; the private sector remains our best option.

“This is at the heart of the clamour for diversification; from agriculture business support, to credit, economic reform bills, to MSMEs, taxation, conflict resolution, regulatory reform bills, our agenda is firmly rooted on increased participation, diversification and capital formation,” the Senate President stated.