Nigeria’s economy heading for precipice – Omotola

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The Managing Director, CFL Group, an investment and infrastructure finance/development company, Mr Lai Omotola, has decried the adverse effect of government policies on the private sector.

In a statement, he argued that the country’s economy is “dangerously moving towards the precipice.”

Omotola lamented that the Federal Government had taken the lead role in doing business, which was a situation that had created difficulties for private ventures to thrive.

He said, “To state that our economy is challenged is an understatement and the truth of the matter is that our economy is dangerously moving towards the precipice. Every nation depends on a strong economy to have peace and Nigeria cannot be an expectation.

“The government’s policies have crowded out the private sector-led economy and government has taken a lead role in doing business, instead of allowing the economy to be private sector-driven, not knowing that the wealth of the citizens is the wealth of the nation.

“The purchasing power of the people has been greatly eroded, and today, our economy has been reduced to a pedestrian economy as exemplified by TraderMoni.”

Omotola blamed the current economic challenges on the performance of the Ministries of Transportation, Finance, Petroleum and Power, Works and Housing.

He stated, “Today, the only thing we hear from the Ministry of Transportation is rail, yet major rail projects that will catapult the economy remain comatose and we have embarked on rural rail projects that cannot be seen by urban people that contribute majorly to the gross domestic product.

“Look at the blue line in Lagos. The light rail project from Okokomaiko to Marina, one would have thought that the President Muhammadu Buhari-led government that destroyed the metro rail would have compensated Lagos residents by helping to complete the light rail project.

“Take a look at the rail corridor at our port, the port that brings the most revenue, and all we see are rhetoric and drama. For close to four years, there is no transportation reform and no master plan.

“The subsidy regime is a fraud and it will continue to be a tool in the hands of the marketers to blackmail the government.”

He added, “We have come to realise that the appointment of ex-bankers as governors of central bank has not been able to help the economy. Today, the Central Bank of Nigeria has interventions in almost every sector of the economy, from real estate to power, aviation, agriculture and so many others, with little impact.

“The CBN is now fully lending to businesses, instead of the banks.” (PUNCH)

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