Increasing local production should be center of economic policies – Ambode
Former Lagos State Governor Akinwunmi Ambode emphasized that boosting local production is crucial for reducing foreign exchange rates and addressing economic challenges. Speaking at Saint Racheal’s 2024 Leadership and Economic Summit, he noted Nigeria’s potential as the third largest population by 2050.
Former Ekiti State Governor Kayode Fayemi recommended skills development and population control for economic prosperity, stressing effective leadership.
Saint Racheal’s Pharmaceuticals CEO, Akinjide Adeosun, blamed stagflation on high petrol prices, Naira devaluation, and farming disruptions. He advocated for partial subsidies and international bank collaboration.
Professor Ndubisi Nwokoma argued that inflation is a cost-push, urging fiscal policies to support Central Bank efforts, reduce governance costs, and expand agricultural spending.
Source: Vanguard
Our Review
The emphasis by former Governor Akinwunmi Ambode on the importance of increasing local production to strengthen Nigeria’s economy and stabilize the foreign exchange rate. With Nigeria’s population set to be the third largest by 2050, homegrown solutions are crucial.
Also, Dr. Kayode Fayemi’s calls for intensive skills development and efficient utilization of the population to drive economic prosperity.
Akinjide Adeosun pointed out challenges like stagflation, high petrol prices, and insecurity affecting farmers, advocating for international financial support for subsidies to ensure equitable resource distribution.
Professor Ndubisi Nwokoma called for fiscal policies that complement the Central Bank’s efforts to curb inflation, emphasizing investment in productive capacity, human capital, and green energy, alongside reducing governance costs for sustainable growth.
