Business

By Kennedy Nnamani

STAKEHOLDERS in the non-oil sector have called for collaboration between the government and the private sector to change the country’s overdependence on oil for economic development.

The stakeholders, who are also experts in the sector, made the suggestion on Saturday in a colloquium held during the 33rd seminar organised by the CBN for Finance Correspondents and Business Editors, which was held simultaneously in Lagos and Abuja.

Anchored by Nancy Nnaji, a business analyst, the panelists focused on “Partnering for Growth: Deepening Collaboration among Key Players”.

Mansur Ahmed, President of Manufacturers Association, noted that for economic growth and development to happen, there must be a deliberate collaboration between the government and private partners.

He recalled the statement of President Buhari noting that “we cannot expect to grow and develop until we consume what we produce and produce what we consume,” and he added that if we are to grow the economy to become resilient as a nation, then “we must focus on what we can do ourselves.”

While highlighting the urgency of the collaboration and how both parties can achieve this, Ahmed, who is also an Executive Director of Dangote Group, noted that government actions alone cannot develop the economy and thus, the need for a broad range collaboration between the government and business.

“There is nowhere, in my knowledge, where only government actions lead to growth and development.

“Governments set the stage, create the environment, provide the enabling factors to enable the private sector to invest, to operate the various sectors of the economy and it reverts to generate growth, generate jobs and create wealth,” he said.

Ahmed added that the both sectors have always antagonized each other and thereby stalling economic growth and development of the country.

According to him, the public sectors always see the private sector as people who are just trying to make money, enrich their pockets and should not be trusted, while those in the private sector see the public servants as those who are there to impede progress.

“I think that created the basis of the disconnect and distrust or mistrust between the public sectors and private sectors,” he said.

While reacting to the trust issues raised by Ahmed, Ozoemena Nnaji, CBN Director of Trade and Investment, noted that there is the need to change the idea that “as individuals, we do not have a part to play in our developmental achievement, is one that needs to change.”

She also stated that the citizens must make deliberate sacrifices towards bringing the economic change that is needed in the nation ranging from sincere tax payment and remittance to the government treasury.

In the same vein, Prof. Uche Uwaleke, President, Association of Capital Market Academics, noted that the government can support the Nigerian private sector by taking an intentional initiative and lead to patronizing home-made products.

“If we must mount a made in Nigeria measure, we the government must take the lead,” he said.

He also highlighted some roles the press has to play in propagating the message both to the present government and the upcoming ones.

Prof. Uwaleke further called on the private sectors to help the government to fund the educational sector and infrastructures as these are the bedrocks of economic growth and development.

He concluded by saying that for the country to move from a consumption economy to a production economy, it must focus on manufacturing its own home based products.

KN

Tags: CBN Dangote Group Kennedy Nnamani Mansur Ahmed Nancy Nnaji Ozoemena Nnaji Prof. Uche Uwaleke