Economy: Firm tasks new administration on GDP growth

The Executive Chairperson of Still Earth Holdings, Oyindamola Adeyemi, has tasked the new administration to work rigorously towards accelerating the nation’s Gross Domestic Product (GDP) growth.

While welcoming President Tinubu, Vice-President Kashim Shettima and state governors into office in a statement on Thursday, Adeyemi called on them to hit the ground running and translate their electoral economic development proposals into actions. 

Daily Trust reports that Nigeria’s GDP slowed down by 3.10% to close at N56.76trn as at Q4 2022, according to the National Bureau of Statistics (NBS). 

But Adeyemi, in her Q2 2023 advisory on economic development, urged the new administration to take into consideration all the key sectors which are the key drivers of the Nigerian economy that will drive the GDP growth.

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This, she said, would impact positively on the economy and Nigerians’ living conditions significantly. 

The Still Earth Holdings chairperson also advised the president to accord priority to increased investment in human capacity, infrastructure, agriculture, housing, financing, manufacturing, youth/women inclusion, and boost for local capacity in the oil and gas sector. 

In her advisory, she pointed out that the growth led by the non-oil sector was 95.66% with agriculture contributing 23.3%, while oil and gas’ total annual contribution was 5.07%. 

This, she believes, can be improved upon if the government pays attention to them and thus securing some easy wins to grow the economy in its early stages of operation.

The Still Earth Holdings boss further said a more stable foreign exchange ecosystem built towards a single FOREX regime would facilitate industrial, agricultural and infrastructural expansion in key sectors, thereby leading to job creation, poverty reduction and increased productivity in the economy.   

“By the formulation and implementation of sound fiscal policy coupled with efficient monetary policy, I am confident that our president, Asiwaju Bola Ahmed Tinubu, is able to make a significant impact on the nation’s socio-economic ecosystem,” she said. 

The foremost female entrepreneur, who sits atop diversified multi-sector portfolios spanning several segments including construction, real estate, oil and gas, and finance, further stated that increased budgetary allocations and private sector participation in the provision of basic and critical socio-economic infrastructure could deliver immediate impact on Nigerians.