The country’s legal system needs urgent reform in order to encourage foreign investors. A system in which cases taken to courts linger interminably discourages businessmen who crave for a judicial framework that can resolve business disputes fairly and sp
INTRODUCTION:
The 14th Daily Trust Annual Dialogue took place at the NAF Conference Centre and Suites, Abuja on Thursday, January 19, 2017. The theme of year’s Dialogue was “BEYOND RECESSION: TOWARDS A RESILIENT ECONOMY.’
This year’s theme is a sequel to the theme of the 2016 edition of the dialogue titled‘50 YEARS SINCE 1966: IS NIGERIA RISING?’, a review of the country’s economic performance after the first military coup.
The Nigerian economy was plunged into recession following a negative decline in the country’s Gross Domestic Product (GDP) in the first and second quarters of 2016. The recession was a byproduct of a shortfall in government revenue due to the slide in the prices of crude oil in the international market. The activities of Niger Delta militants who sabotaged crude oil facilities compounded the problem.
The dialogue was chaired by a former Minister of Petroleum Resources Chief Philip Asiodu while the Minister of Finance Mrs. Kemi Adeosun and the Chairman of Stanbic IBTC Bank Mr. Atedo N.A. Peterside were Guest Speakers. The Special Guest of Honour was the Speaker of the House of Representatives, Rt Hon. YakubuDogara.
Other personalities that attended the event included the Minister of Information, Barrister Lai Mohammed, Minister of State for Trade and InvestmentHajiya Aisha Abubakar, Governor of the Central Bank of Nigeria Mr. Godwin Emefiele, Managing Director of the Nigeria Deposit Insurance Corporation (NDIC)AlhajiUmaru Ibrahim,Chief Operating Officer of NNPC (Upstream) Alhaji Bello Rabiu,prominent businessman Alhaji Samaila Isa Funtua and prominent politician and businessman, AlhajiIsyaku Ibrahim.
Other prominent persons at the Dialogue included Ambassador ShehuMalami, Sarkin Sudan; DirectorGeneral of the Voice of Nigeria,Mr. OsitaOkechukwu, Senator SaniKamba, former Permanent Secretary in the Presidency Dr Hakeem Baba-Ahmed, Commissioner for Information in Adamawa StateAlhaji Ahmed Sajoh, Commissioner for Finance in Gombe State Alhaji Hassan Mohammed, who represented the governor; Special Assistant (Media) to the Governor of Bauchi State Malam Sabo Mohammed as well as all the members of the Board of Directors of Media Trust Limited, organizers of the event.
THE COMMUNIQUE:
1. The conference commended the efforts being made by the Buhari administration to revive the economy from the current recession. The measures include the fight against corruption; weeding out of ghost workers from the civil service; increasing the share of capital vote in the annual budget; emphasis on the building of infrastructure in order to boost productivity; diversification of the economy; curbing wasteful expenditure; efforts to increase tax and other forms ofrevenues through technology; transparency in government transactions etc.
2. The government was encouraged to harness the revenues not captured in the country’s annual budgets through the implementation of the Fiscal Responsibility Act. It was noted that if the earnings of many revenue generating agencies of government are properly harvested, they would boost the country’s annual budget and create opportunities for financing infrastructure.
3. Government was further challenged to come up with measures that can take the economy out of recession to prosperity, as indicators from the World Bank and the Ministry of Finance show that current improved earnings from crude oil sales and other fiscal policies have begun to positively impact on the economy.
4. It is vital for economic development to be pursued through National Economic Development Plans, as history has shown that Nigeria made significant progress in the 1970s due to the implementation of development plans. In this regard, it was recommended that the abandoned Vision 20:20:20 be reviewed in order to evolve a concept like Vision 20:30:30, so that government pursues planned economic development measures instead of a haphazard approach to economic development.
5. There is need to review the country’s income policy, because countries that do not produce crude oil tend to have better socio-economic indicators than Nigeria has. In order to achieve this objective, the present administration needs to come up with a composite economic policy to provide the direction for economic growth.
6. The monetary policy should be reviewed, especially the foreign exchange regime, to ensure an equitable distribution of scare foreign exchange among vital sectors of the Nigerian economy.
7. Government should engage Niger Delta militants who have sabotaged oil infrastructure. An end to militancy in the Niger Delta will translate to improved revenue from the oil sector. Also, communities that produce mineral resources should be carried along in the sharing of revenues to give them a sense of belonging and earn their confidence in government.
8. The country’s legal system needs urgent reform in order to encourage foreign investors. A system in which cases taken to courts linger interminably discourages businessmen who crave for a judicial framework that can resolve business disputes fairly and speedily.
9. It is good for government to borrow money to fund the infrastructure, but the economic fundamentals should be taken into consideration, like modernizing agriculture, multiplication of jobs and the like.
10. The cost of government contracts is usually bloated compared to what is obtainable in other countries. To cut down cost, it is necessary to involve quantity surveyors rather than engineers in contract awards. Also, the contract award process must be made transparent as much as possible.
11. Government must tackle insecurity in order to attract foreign investment. A situation in which Nigerians are killed in their hundreds but no one is arrested and brought to book is unacceptable. It is also discourages investors who would only put their capital in economies where there is security.
12. Nigerians must embrace the culture of innovation if the economy must grow and come out of recession. Government must encourage entrepreneurship.
13. All arms of government – Executive, Legislature and Judiciary – must work together if the country must come out of the woods. The Executive cannot go it alone and achieve any meaningful success.
14. Nigerians must be united and eschew ethnic, religious and political bigotry for the country to grow.
15. The Board and Management of Daily Trust was commended for consistently hosting the Annual Dialogue for 14 years running, providing the opportunity for experts and government officials to jaw-jaw on contemporary political, social and economic issues and solutions proffered.
Signed THEOPHILUS ABBAH SECRETARY, DAILY DIALOGUE COMMITTEE