Alhaji Tijjani Borodo, the newly-elected President, Chartered Institute of Directors (IoD) Nigeria, said a comprehensive and multi-faceted approach is pivotal to addressing Nigeria’s economic challenges.
Borodo said this Friday at a media parley in Lagos.
He said the approach had become necessary in view of the current harsh economic realities in the country.
According to him, high inflation rate, high foreign exchange rates, insecurity, inadequate power supply, and unemployment have made life difficult for the people.
The IoD president outlined some sector-specific recommendations that could contribute to tackling these challenges.
“To engender inflation management, current monetary policy reforms should incorporate a social dimension in the form of palliatives to cushion the effect of rising cost of living.
“Also, the government can encourage a balance between price stability and economic expansion to ensure a conducive environment for businesses to thrive.
“This can be achieved through collaboration with the Central Bank of Nigeria (CBN) to implement prudent monetary policies that tackled inflation without stifling economic growth.
“On foreign exchange rates, more work must be done to diversify the economy by promoting our non-oil sectors such as agriculture, technology, and manufacturing.
“Nigeria must encourage foreign direct investment and improve the ease of doing business to attract capital inflow, thereby stabilising foreign exchange rates, ” he said.
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Borodo noted that the government needed to strengthen law enforcement agencies and further invest in intelligence gathering and sharing to stem the rising insecurity.
He said that collaboration with local communities to foster grassroots security initiatives was also very critical in achieving peace in the country.
The IoD president added that the government must engage in diplomatic efforts to promote regional cooperation in counter-terrorism activities like the situation in Niger.
He said: “Government must begin to prioritise investment in energy infrastructure, both conventional and renewable, to ensure a consistent and reliable power supply.
“Government must also facilitate public-private partnerships to expedite the expansion and modernisation of the energy sector.
“It is important to promote skills development and vocational training programmes that align with industry demands to tackle unemployment.”
To halt and reverse the ‘Japa’ trend, Borodo emphasised the need for responsible governance on quality education and skill development.
He stressed the importance of investing in high-quality education and skill development programmes that aligned with the evolving demands of the global economy.
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