The British Nigeria Business Network (BNBN) has provided some practical suggestions and support to guide President Bola Ahmed Tinubu in his quest to address the challenges facing the nation’s economy.
Speaking to journalists during an interview in Lagos at the weekend, the Executive Director of the body, Prince Dr. Ubani Ifeanyi stated that the British Nigerian Business Network Ltd and the British African Business Alliance UK, led by Mr David Smith, have studied and supported the Nigerian economy over the years.
He declared that President Tinubu’s administration must be supported to succeed because his economic policies that are clearly pragmatic, bold and encouraging.
“Kudos must go to the President for his declarations and promises in his Presidential Inauguration speech with emphases on the removal of subsidies, unification of forex/exchange rate, smooth capital and currency repatriation, security, and specific interest/consideration for foreign investments and Investors”, he said.
Prince Dr Ubani Ifeanyi further declared that as much as these policies are progressive as presumed, their implementation and attitude have brought Nigeria and it’s economy to a tough and challenging state.
He emphasized that as a seasoned Management Consultant, Administrator, and leadership expert, he saw the need to offer suggestions tailored to address challenges faced by Nigerians and the Nigerian economy.
The Executive Director also declared that British Nigerian Business Network Ltd and the British African Business Alliance UK have over the years gathered the potential that PresidentTinubu needs to support the revival of the Nigerian economy through adequate cooperation and partnership.
In this vein, Prince Dr Ubani Ifeanyi has requested that the British Nigeria Business Nigeria Ltd and British African Business Alliance UK, be granted an audience with President Tinubu and relevant government officials, to meet and reason together to foster and work out solutions for the following factors.
He listed the factors to include Economic Diversification which would encourage a shift from dependence on oil exports by promoting investments in sectors such as agriculture, manufacturing, technology, and services, adding that thiis would help Nigeria develop a more robust and sustainable economy.
“To focus on improving infrastructure, including roads, power supply, ports, and telecommunications. This would attract more investments, enhance productivity, and facilitate domestic and international trade.
“To introduce favorable policies and incentives that would encourage both foreign and local investors to allocate resources towards productive sectors in Nigeria. This could include tax breaks, streamlined regulations, and providing guarantees for investments.
“To work towards stabilizing the Nigerian currency by implementing effective monetary policies and reducing inflation. A stable currency would promote investor confidence, attract capital, and aid in currency repatriation.
“To foster collaborations between the government and private sector organizations to stimulate economic growth. This could involve joint ventures, shared investment initiatives, and collaborative infrastructure projects.
“To enhance educational programs and vocational training to improve the skills of the Nigerian workforce. A skilled labor force would attract more investments and contribute to the growth of various industries.
“To explore opportunities to expand Nigeria’s trade relationships with other countries, particularly within Africa and the United Kingdom. This could involve negotiating favorable trade agreements and organizing trade missions to showcase Nigerian products and services.
“To strengthen the banking and financial sector to facilitate access to credit, promote investment, and stimulate economic activity. This could involve improving regulations, enhancing the banking infrastructure, and encouraging financial inclusion”
Prince Dr. Ubani Ifeanyi who doubles as Country Representative of BABA also listed such actors as creating an enabling environment for small and medium-sized enterprises (SMEs) to thrive through targeted support programs, access to finance, and streamlined business registration processes, adding that SMEs play a vital role in job creation and economic development.
“There should be continuos reviewing and updating regulations to reduce bureaucracy, increase transparency, and create a more business-friendly environment, as this will attract more investors and facilitate economic growth”, he declared.
The BNBN boss said it would be essential to engage in further discussions with President Tinubu’s government, the British Nigerian Business Network Ltd, and the British African Business Alliance UK, to develop a comprehensive and tailored agenda that addresses the specific challenges facing Nigeria’s economy.
He declared that by so doing, their members in the UK, private investors, the Nigerian Diaspora, and Africans with already made Nigerian-friendly investment packages through their platforms shall be ushered in.
He boasted that if his agenda and suggestion are given due attention, the Nigerian economy would certainly witness instant progress.