Business
PSN Faults FG’s 2% Economic Growth
The President, Pharmaceutical Society of Nigeria (PSN), Mazi Sam Ohuabunwa, has said the present two per cent economic development being pursued by the Federal Government would not engender an economic growth the country so desired.
Ohuabunwa made the comment in an interview with newsmen on the sidelines of his public lecture delivered at the Crawford University, Igbesa.
The 6th public lecture delivered at the multipurpose hall of the Faith-based University was entitled “When Will Nigeria Become a First Nation.’’
Ohuabunwa, the Guest Speaker at the public lecture, said that the economic policy should be one that would be ahead of the population and not the one behind the population growth.
“The economic policy which we have now is not sustainable although it has helped to take us out of recession, but more than that we need the one that will be incremental.
“Right now our economic projection is to grow by two per cent which we are struggling to keep but the population is growing by three to four per cent.
“Until we grow above that projection, there will be no economic growth because what this is literally telling us is that we are sharing what one person should have for three people.
“We need to understand where we are getting it wrong because economy cannot be growing at two per cent, while the population is growing by four per cent, such cannot work,’’ he said.
Ohuabunwa advised the government to look into creating investment opportunities, a panacea to creating wealth among the populace and thus reducing poverty.
“Nigeria should be growing its population more by than four per cent, and what we need to do simply is to get the responses from the economy and push towards investments.
“We need to create more investments because it engenders enterprise, while that will lead to job creation and then poverty will be swept away from our society.
“We need to look into our population and see how we can make it productive, we should invest in it and do away with policy somersaults; we need a consistent policy.
“Nigeria’s population is enough to service the world, so I wonder why we are not using our strength,’’ he said.
Ohuabunwa said that good economic policy was one that would make the country to look away from the earnings from oil and focus on investment.
“Each person in Nigeria needs to contribute to the economy and not dependent on it, if people cannot work for another person they should work for themselves, that is productivity.
“Let Nigeria seek to export her products abroad; we have people who really want to work but no tools and financial backbone to achieve that; this is where government should come in.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.