14th September, 2023
Some experts have highlighted solutions that will help businesses recover fast from the effect of the petroleum subsidy removal and its impact on the Nigerian economy.
The experts spoke during a public lecture organized by Yoruba Tennis Club in commemoration of its 97th anniversary with the theme: “Transforming crisis into opportunity: Charting a new economic course for Nigeria.”
The experts spoke about factors that would drive economic activities, especially now that the subsidy has been removed.
Presenting his paper, former Commissioner of Finance in Lagos State, Dr. Abiodun Mustapha Akinkunmi, gave an overview of the current state of affairs in the Nigerian economy, especially now that the much depended petroleum subsidy has been removed.
He also proffer ways government could go to alleviate the effect on the citizenry and as well transform the crisis into opportunities in the country.
According to him, “what is happening to us is not new, it has happened to some other countries of the world before and we knew what they did that eventually made them strong again. There is no doubt that Nigeria currently experiences inflation and for us to be just and fair, we must chart ways of tackling the inflation but not depend solely on palliatives,” Akinkunmi said.
He declared that all over the world, it is the citizens of such countries who paid the price and that as such, it is “incumbent of us to provide policy recommendation and seek end to the inflation currently in the country.”
“The country is currently experiencing inflation due to our large dependence on subsidy, but now that the subsidy is now removed, hence the need to find solution to the inflation,” he said.
Akinkumi added this should be done by estimating the amount each member spent on transportation, tring as much as possible to ensure the inflation was brought down with regulation of the price control and focus on certain products.
According to him, such a solution would only be possible when the big and small consumers were brought together in a single power pool.
He argued that farming should be a choice, rather than the last resort of a wide segment of the population as a way out of poverty.
Also, former Director General of Lagos Chamber of Commerce and Industry, LCCI, Dr. Muda Yusuf, said the issue of removal of subsidy should not be subject of discussion but that what should bother “us more should be how to transform the crisis generated by the crisis to opportunities for us in the country.”
In his own submission, another discussant, Dr Biodun Adedipe, said one of the opportunities he foresees is the improvement of food security, especially on farmlands, just as he urged the government at all levels to do more of engagement for sustainability of the economy.
Earlier, the Chairman of Yoruba Tennis Club, Olakunle Agbebi, welcome members and the invited guests to the 97th annual lecture of the club, just as he urged all invited guests to the listen attentively to the discussants, who according to him would do justice to the theme chosen for the 97th anniversary lecture.