Experts’ expectations are high on Nigerian economic development

isaac

May 1, 2015 3:38 PM

Now that the Nigerian general elections are over, calm has returned to the nation. However, expectations are very high as the nation looks forward to May 29th when the president-elect, General Muhammadu Buhari, will be duly sworn in.

The Nigerian situation

Before the election, anxiety and fear of violence dominated the Nigerian society, which led to a slow pace of economic activities, while after the elections, the atmosphere noticeably changed to hope for a better future for all Nigerians.

The positive signals have also been recognized in the economy as local and foreign investors started to invest in the country again. According to Nigerian Leadership Magazine, the market capitalization of Nigerian stocks appreciated by N1.223 trillion while NSE All-Share Index was up by 10.39%, so also the Naira stabilized against most major currencies around the world.

Experts are hopeful that the new momentum of the president-elect is the answer to the problems of the nation.

Here are the experts’ expectations:

Technocrats and not politicians are to be appointed to manage key areas of the economy.

Corruption is to be tackled in all spheres of the economy to impact positively on all sectors.

Unemployment is to be tackled through the pursuit of foreign direct investment (FDI), and also encouragement of multinationals like telecoms companies, oil companies, NNPC, and many more to list on the Nigerian Stock Exchange NSE.

Security issues are to be addressed in order to set the environment right for both local and foreign investors.

Development of the non-oil sector of the economy like agriculture, energy etc, to get rid of dependency on crude oil revenues.

Improved infrastructure for better power supply, broader road network and public transportation, in order to address the infrastructural deficit and improve the nation’s economic development rankings.

Nigerians have spoken with their votes and expectations are high for better government action towards a prospering Nigeria.

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