Agbakoba
Agbakoba pushes for private sector-led economic dev’t in Nigeria
Olisa Agbakoba, a Senior Advocate of Nigeria (SAN), has emphasized the need for the Federal Government to prioritize the private sector in driving economic development in Nigeria by relinquishing control of critical businesses.
Agbakoba pointed out the significant contributions of private enterprises, such as Aliko Dangote’s refinery and Allen Onyema’s Air Peace, to the economy.
He cited examples of how Dangote’s refinery has impacted diesel prices and Air Peace has reduced airfares to the London route, underscoring the private sector’s pivotal role in Nigeria’s economic revival given the right environment.
In a statement issued on Friday, Agbakoba stressed the importance of encouraging more private investment in the economy and advocating a shift from consumption to production.
He highlighted the challenges faced by Nigeria’s economy in recent years, including high inflation, currency depreciation, and fuel price hikes, which have exacerbated poverty levels and led to job losses.
However, Agbakoba expressed optimism about potential signs of economic recovery, citing the positive impact of initiatives by Dangote and Onyema.
“The commencement of sales by Dangote’s refinery has led to a significant drop in diesel prices, with plans to reduce petrol prices further.
“Additionally, Air Peace’s expansion to the UK market has resulted in a substantial decrease in airfares,” he noted.
Agbakoba emphasized the need for the government to create an enabling environment for private sector growth and innovation.
He suggested that the government’s withdrawal from business operations would facilitate a transition from consumption-driven to production-driven economic activities.
He reiterated the transformative potential of private sector-led development in Nigeria and urged policymakers to prioritize policies that support entrepreneurship, innovation, and job creation.
He, however, expressed cautious optimism about the economic outlook, recognizing the early stages of recovery while advocating for sustained efforts to leverage the private sector for long-term growth and prosperity.
In a related development, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Dele Kelvin Oye, has emphasized increased collaboration between the private and public sectors to propel economic growth and development across Nigeria.
Oye stated that such partnerships would benefit Nigeria collectively, attract more foreign direct investment, and bolster the country’s export potential, ultimately leading to a nexus of opportunities for employment and wealth creation.