Finance expert urges FG to maximise benefits of GDP rebasing

 

nigeria-lagos

A finance expert, Mr Johnson Chukwu, on Wednesday urged the Federal Government to utilise the opportunity of the country’s rebased  to attract new investors.

Chukwu, the Chief Executive Officer of Cowery Asset Management Company, told that more investment would be needed, especially in the real sector, to make the exercise meaningful to more Nigerians.

Chukwu said the country’s new prestigious economic status equally compelled it to seek more investments to sustain the growth.

“It will be a win-win situation for both parties as the country is one of the quickest places for returns on investment while the governments will benefits through taxes and the creation of employment opportunities for young Nigerians,’’ he said.

Chukwu said that in the long run, the new status would lead to the much needed economic inclusiveness desired by the people.

He said the fertile nature of the nation’s soil made it imperative for the government to seek the assistance of foreign investors in developing sustainable agriculture and agro-based industries.

“Since there are immense potentials in the country, the government should entice investors with friendly agricultural programmes to enable them to partake of mechanised farming.

“The policy will make it possible for them to access land, credit facilities and farm machinery with ease,’’ he added.

The National Bureau of Statistics rebased the country’s GDP to reflect its dynamic economic configuration over the years.

The rebasing which pegged the GDP at 510 billion dollars (N80.3 trillion) has validated the government’s claims of being the continent’s biggest economy and the 26th largest economy in the world.