Prioritise Production to Stimulate Economic Growth – Economist
An economist, Prof. Evans Osabuohien, on Friday advised the Federal Government (FG) to prioritise production activities to step up the economic growth of the country.
Osabuohien, Head of the Economics Department, Covenant University, Ota, speaking on likely solutions to the nation’s economic challenges. The Director-General of the Debt Management Office (DMO) on Thursday said the nation’s total public debt stock had hit N121.67 trillion in March.
Osabuohien says as long as the country continues to borrow and buy without selling products, it will continue to incur more debts. According to him, if the country increasingly engages in expenditure without a corresponding increase in productive ventures, things will continue to go bad.
“As long as we are not producing enough to sell, rather we keep buying and buying, our debt profile will continue to increase. The FG needs to prioritise increased production and minimise expenditures, especially on imported materials not tied to production.
“In addition, the country should reduce heavy dependency on imported goods to encourage production in the country,’’ he said.
The economist urged the FG to address insecurity, banditry and the crisis between farmers and herders, adversely affecting farming activities.
Osabuohien said farmers should be provided with cheaper inputs to boost farming activities in the country. He also emphasised the need to cut down on the cost of governance to improve capital projects. FG, EU to Strengthen Cooperation, Regional Agreements
