The Managing Chairman of Still Earth Holdings, Oyindamola Adeyemi, has tasked the new administration to work hard on accelerating the country’s Gross Domestic Product (GDP) growth.
While welcoming President Bola Tinubu, Vice President Kashim Shettima and state governors to office, Adeyemi called on them to immediately hit the ground running and translate their electoral economic development proposals into action.
The CEO of Still Earth Holdings advised the President to prioritize increasing investment in human capacity, infrastructure, agriculture, housing, finance, manufacturing, youth/women absorption and boosting local energy in the oil and gas sector.
In his advisory, he pointed out that non-oil sector growth was 95.66 percent, agriculture contributed 23.3 percent and oil and gas contributed 5.07 percent to the total annual growth. He believes this can be improved if the government focuses on them and has some easy wins to grow the economy in its early stages.
The Still Earth boss added that a more stable forex environment built towards a single forex regime would facilitate industrial, agricultural and infrastructural expansion in key sectors, leading to job creation, poverty reduction and increased productivity in the economy.
“I am confident that our incoming President, Asiwaju Bola Ahmed Tinubu, will be able to make a significant impact on the socio-economic ecosystem of the country by formulating and implementing sound fiscal policy coupled with efficient fiscal policy.
“Aggressive renovation and development of critical infrastructural assets that can spur growth in real sectors of the economy as well as promote optimal delivery of social services to citizens is key,” Adeyemi stressed.
The Managing Director of Still Earth Holdings affirmed that increased local refining of petroleum products will secure foreign exchange, create more employment opportunities and boost local talent development in the sector in the long run.
Adeyemi added, “Oil and gas revenue accounts for about 90 percent of Nigeria’s export earnings and contributes half of government revenue. Therefore, it clearly states that oil and gas are essential for our short-term economic survival and long-term prosperity. It is desirable that the sector be restructured to continue to provide prosperity to the people of Nigeria.
He emphasized the shift of the national economy from consumption to production, saying it was time for the national economy to produce most of the people’s daily needs through agriculture and manufacturing.
The entrepreneur advised the new administration to curb rising inflation, increase people’s purchasing power balance, streamline the tax system, reduce various taxes, and provide loans and incentives to businesses, including lowering interest rates on loans.
He advised the incoming administration to create a policy to ensure low-interest mortgages for prospective home owners, as well as guarantee and purchase bank loans to deepen the second phase, to balance the housing sector deficit of about 20 million. The mortgage market.