In the bid to proffer solutions to the ongoing recession in Nigeria, Industrialist, Sam Ohuabunwa says the government should motivate private sector investment.
He gave this suggestion while speaking on the Channels Television breakfast program, Sunrise.
Mr Sam said in order for the economy to be boosted very fast, the government needs to stimulate production. And to be able to do that, the government’s spending has to be supported by that of the private sector.
He said this in response to the reports by the National Bureau of Statistics, that Nigeria’s Gross Domestic Product (GDP) has contracted by 2.06%.
He also stated that the government should focus on investment as though the life of the nation depends on it. He furthermore suggested that the government should effectively show support to anyone who exhibits productivity.
Government Sector Not Enough To Sustain Economy
Mr Ohuabunwa stressed the need for the government to create an enabling environment for the private sector, as the economy cannot thrive solely on efforts of the Public Sector.
According to him, “Government has to take a definite position as to how to motivate private sector investment, while spending the public sector funds.
“The moment people are doing something that would be productive and linked to wealth creation, let us give them the support.
“A lot of Funding opportunities are being provided by the Central Bank of Nigeria (CBN), Federal Ministry of Agriculture, but the problem is, in implementation, we fall short,” he added.
He further said that there should be a focus on manufacturing and agriculture; and urged individuals as well as the government to do whatever they could, to add value as well as to get the commercial aspect of agriculture activated.
