An Abuja-based econo
mist, Mr Henry Eteama, has advised the Federal Government to urgently constitute an economic team to stir up the nation’s economy.
Eteama told newsmen in Abuja yesterday that President Muhammadu Buhari should have constituted his economic team even with the delay in forming his cabinet.
He said that the constitution of the team had been delayed for too long, adding that the delay in the establishment of the cabinet was not good for the country.
According to him, there should have been a framework on ground to address the four key areas of the economy.
The expert listed the areas to include diversification from oil, development of agriculture sector, human capacity and security as well as corruption.
“How do we get away from depending on oil as quickly as possible? How do we modernise agriculture? How do you manage risk associated with the environment of security, fraud and corruption?
“How do we empower the Nigerian household so that consumption expenditure of the household will go up? Where are those institutions?
“If you delay these things, you will create gaps and create fears and uncertainty for the citizens,’’ he said.
He said that the Transition Committee headed by Ahmed Joda would have been a Technical Economic Team, with little political angle to its mandate.
Eteama said that the action would have helped the citizens and investors to know the policy direction of the government.
“If you form a cabinet today, it will take another three months for them to tell Nigerians about their direction because it takes time.
“We are looking at 32 sectors and we are dealing with bureaucracy that is as huge as the federal, state and local governments,’’ the expert said.
Eteama said that the cabinet, when instituted, should propel the environment to create money.
“Some foreign companies are still waiting for the cabinet to be constituted but the main problem we find ourselves now is to diversify our economy.
“We do not have multiple stream of income as a nation; we depend on oil and there is a decline in revenue from the oil sector.
“ Our environment is very good to invest in the non-oil sectors such as mineral, infrastructure, agriculture, transportation and gas production.
“These sectors are very good to trigger investment from the rest of the world and yield real dividend to the economy,’’ he said.