Stakeholders in the
nation’s economy have urged the Federal Government to shore up its commitment in the real sector for diversified and sustained employment growth.
They commended government for its 15 per cent investment in the real sector but argued that increased investment by about 35 per cent would fast track the actualisation of government overall transformation agenda.
According to them, government has, contrary to other opinions, responded to the yearnings of stakeholders by showing increased commitment in growing the manufacturing and agricultural sector.
A former Director in the Central Bank of Nigeria (CBN), Mr Titus Okurounmu, told newsmen that government could sustain the 5 per cent investment in the economy and leverage the opportunities in the nation’s growing manufacturing and agriculture sector.
“Since the country has the capacity of turning around the manufacturing sector, government should also influence its expansion from the traditional commodity exploitation to manufacturing.
“The manufacturing industry is a cash cow waiting to be harnessed adequately by government,” he said.
The Chairman, Nigeria Professional Shareholders Association, Mr Godwin Anono, said that more investment in key infrastructure by the government would improve the nation’s business climate.
He also said that government should have foresight to diversify earnings from crude oil into other areas of the economy.
“Investing into agricultural produce is one of the most favourable means of managing the nation’s economy, besides oil earnings.
“Managing the nation’s economy through agriculture has the capacity of generating large employment opportunities and less international dynamics,” he said.
Also, the Chief Executive Officer, FishFarms Ltd, Mr Stanley Adegoke, said the 5 per cent government investment was a fallout of challenging global economic challenges, trends and some traditional complexities.
“The underpinned factors deal with the ability of the government to conduct the next general election without violence.
“Conducting election without political instability tends to sustain investors confidence in the country,” he said.
The International Research Credit Rating Agency, in its latest Sub-sahara Africa (SSA) overview, said the ability of Nigeria and other African countries to grow in 2015 would determine their degree of dependence on commodities, exposure to China, domestic challenges and capacity to invest.
Fitch also said that challenges in the electricity sector might also affect the growth of economy in some countries in 2015.
The agency also projected a five per cent growth in gross domestic products (GDP) for the 18 countries in 2015.
Fitch said inflation would moderate the region, following sustained crash of the international price of crude oil and agricultural commodities.
They also said that SSA rating would be driven by more successes or failures of promoting macro stability and structural reforms than commodity price changes.