How Nigeria's economy can be revived - Bola Tinubu

How Nigeria's economy can be revived - Bola Tinubu

- The former governor of Lagos state has said that Nigeria needs to diversify its economy away from oil

- Bola Tinubu raised seven ways Nigeria's economy can be revived

- He said the agenda will help reduce Nigeria's dependence on oil production

The national leader of the All Progressives Congress (APC), Bola Tinubu, has said that Nigeria's economy can be revived through a seven point agenda.

Tinubu said the seven point agenda will help reduce Nigeria's dependence on oil.

Delivering a lecture in Lagos state, Tinubu said most developed countries have focused implementing policies that would protect key industries and employment.

The former Lagos state governor urged the federal government to create an industrial capacity that could increase the rate of employment in Nigeria.

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He said such industrial capacity would employ large number of Nigeria's populace as well as manufacture significant quantity of goods for local consumption and exportation.

He also called for policies that will foster development of key industries especially in automobiles, machinery components, textile, steels among many others.

He said Nigeria must focus on manufacturing those things other nation will be eager to buy.

Tinubu said: “A national economy cannot grow beyond the capacity of the infrastructure that serves it. Good infrastructure yields a prospering economy. Weak infrastructure relegates the economy to the poorhouse."

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Tinubu further said the federal government must take the lead in growing Nigeria's economy outside the oil sector.

He said: "The hurdles we face are not technical in nature. We must convince those political and economic factors currently impeding our quest for reliable power to step aside so that we may obtain this critical ingredient to economic vitality."

“The long-term economic strength of the nation is dependent on how we deploy idle men, material and machines into productive endeavor. And this is highly dependent on the interest rate.

“The normal profit rates in most business sectors cannot support the burden imposed by current interest rates. If our industrialists do not invest in more plants, equipment and jobs, the economy will stagnate."

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The APC leader further said that Nigeria must return to commodity exchange boards that will allow farmers secure good prices against loss.

He said An agricultural loan corporation should be inaugurated by the federal government to help achieve these goals.

“An agricultural mortgage loan corporation should be inaugurated to further promote these goals. The proposals stated above are largely within the province of the federal government. Focusing on these and other such things will keep the federal government sufficiently busy," he said. earlier reported that Tinubu had earlier charged President Muhammadu Buhari to revive the Nigerian economy.

The APC national leader said Nigeria's future has been mortgaged by the past and present leaders.

He also enjoined all Nigerians to join hands with the present administration to develop Nigeria.

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