Expert Seeks Increased Private Sector Participation in Economy

Mary Nnah

If Nigerians are to survive the present economic situation, government must allow more of private participation in the running of the nation’s economy, the Chairman, Pinnacle Leadership and Entrepreneurial Academy, Gbola Sokoya has said.

Speaking in a chat with THISDAY, on a planned lecture scheduled to hold in Lagos on Thursday, Sokoya decried the fact that there had been too much involvement of government in the running of the nation economy.

This, he said, has had negative effect on the economy.

Sokoya said the forthcoming lecture titled, “Sustainable National Development in Globalised Economy,” to be delivered by a United States of America-based Nigerian professor of Economics and Management, Prof. Sesan Soyaka, aims to simulate the private sector participation to get involved in national economic growth.

He noted, “There is too much of government involvement in the day to day running of the economy in Nigeria. Government is involved in everything that happens and this, to a large extent retards the economic growth of the nation.”

Speaking further, he said, “If more money is invested into the economy by the private sector, the development of the economy of this nation would be more rapid. Private sector has better efficiency than public sector, which is a proven case everywhere.

“No doubt, the plan of the present administration to stimulate the economy is good. I have read the Economic Recovery and Growth Plan (ERGP) of this administration and I think it is in the right direction.

“That is why I want to stimulate the private sector, so that we do not just sit down and criticise government but take initiatives to contribute to the growth of the nation’s economy. “You don’t need to talk to government before you know that the 180 million people in Nigeria must eat. Even if your own business is going to feed just hundred persons, just start it.

“Even if it means for you to sew cloths, everybody has to wear cloth, just start something. We have a huge market. You need to see the numbers of foreigners that come into this country on a regular basis looking for business opportunities. They are even trading in businesses that you and I can easily handle. There is too much of government in the economy, we need more of the private sector presence,” he said.