An economist, Dr Tunde Adeoye, says the Federal Government needs to focus on the productive sector to revamp the nation’s declining economy and attain a more desirable growth rate in the year.
Adeoye, an Associate Professor at the Economics Department, University of Lagos, said this on Tuesday in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun.
He said the federal government also needed to provide an enabling environment that would encourage the productive sector to thrive.
The economist identified a stable power supply, favorable policies, good roads network and adequate security as crucial steps needed for the development of the productive sector.
“The federal government should also encourage the production and usage of our local products, instead of relying on foreign ones.
“This will help the productive or manufacturing sector to contribute meaningful quota to the nation’s Gross Domestic Product (GDP),” he said.
Adeoye noted that the absence of a vibrant industrial and productive sector had exacerbated various economic challenges, such as rising inflation and unstable currency in the country.
He advised on the need for manufacturing of essential goods by indigenous organisations and said that focus should not be shifted from more productions by the country.
According to him, this will stop the over dependence on imported goods, and go a long way in revamping the economy as well as strengthening of the naira.