The managing director, Old Mutual Life Assurance, Segun Omosehin, said bridging the infrastructural deficit gap covering power, transportation and housing is critical to affecting the quality of economic growth and jobs creation.
Speaking at the Business day 2020 Nigeria Economic Outlook Conference which held yesterday in Lagos, he said it will also enhance economic well-being and standard of living of Nigerians as well as resolving Nigeria’s major security challenges.
Omosehin called for a coordinated and coherent policy framework necessary to maintain momentum in the Nigerian economy from financial industry-led efforts such as the new minimum capital requirements for insurance operators.
He noted that the National Financial Inclusion to series of pronouncements by the Strategy of the Central Bank of Nigeria to the private sector to other reforms by the government such as Finance Bill and early passage of annual budgets are all possible developments expected to stimulate domestic private sector investments.
Meanwhile, the managing director, Business Day Media, Ogho Okiti has projected that if the economy grows at an average of seven per cent at the current exchange rate, the Nigerian economy would have grown to $800 billion by the end of the next decade, and this will help drive new opportunities for the citizens and a dramatic poverty reduction.
Speaking on the theme, Nigeria’s prosperity ahead 2030: Population, Data, Productivity, he said if the Nigerian economy continues to grow at the current two per cent growth, it will make Nigerians poorer except fertility rates drops dramatically but at five per cent growth rate above the population growth rate, the economy would have grown to over $500 billion.
Okiti stated that Nigeria’s growth, productivity gains and economic performance is still driven by oil, “Until we are able to pass in a sustained economic growth, job creation and raising standard of living that does not depend on oil prices, we will continue to suffer.” https://leadership.ng/2020/01/29/bridging-infrastructural-gap-key-to-economic-revival/
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