In order to strengthen Nigeria, I-founder, invest’s Mr. Oluseye Olusoga, has advocated for increased production and aggressive exports of Nigerian goods and services.
He said that the nation had become overly dependent on imports in an interview conducted in Abuja on the margins of the recently concluded Nigerian Economy Summit. He claimed that this had a negative impact on the country’s currency.
“Nigerians need to be more productive,” he said. We must concentrate on winning tactics. The nation will be in poverty if we don’t generate.
“At the moment, the nation is unable to produce enough income to pay all of its debts in a given year, which leads to a high debt-to-revenue ratio.
Additionally, the nation faces a challenging problem regarding how to repair its infrastructure, and consequently, in order to do all of those things, we either print money or borrow money.
We will become a productive nation and export valuable services if monetary policy and fiscal policy can work together. However, as long as we avoid creating the turmoil of the naira crisis
Mr. Olusoga, who is also the Managing Director of Parthian Partners, said that the nation needed to encourage foreign investors to move into the real sectors of the economy rather than portfolio investing while speaking about foreign investments coming to the country.
“We need to know if the money are boosting national output because if they aren’t, they are no different from those looking for rental properties.
The government needs to interact with investors and foster a climate that will draw in international capital. However, such funds ought to be used for profitable projects.
He claimed that his business has always backed the Nigerian Economic Summit Group because it believes that for the economy to grow, cooperation between the public and private sectors is essential.
He stated, “We feel that NESG provides a very strong platform for engagement between the public and private sectors, and for us to become an important institution, we need to interact and connect with public policy.
“We must comprehend government policies in order to conduct business in Nigeria. We must also be aware of how the private sector should participate in and influence the formulation of these policies.
Government’s role is to create a climate that fosters corporate growth, thus this platform is ideal for us to participate in and support the effort for conversation between the private sector and the government.
Mr. Olusoga said in reference to the summit’s theme, “It is high time Nigerians came together and understood that the country belongs to all of us.
The head of I-Invest earlier advocated increased focus on exports to produce more foreign money during one of the Breakout Sessions on Managing the Nigerian Foreign Exchange.
