At The Nesg Presidential Discussion, Tinubu Explains His Economic Policies.
Asiwaju Bola Tinubu, the All Progressives Congress (APC) candidate for president, presented his elaborate economic strategy to the organized private sector on Friday under the auspices of the Nigerian Economic Summit Group (NESG).
In the conversation, Tinubu iterated his administration’s strategy for economic recovery if elected in next month’s presidential election, which was another chance for him to convey his ideas to another set of stakeholders as he has been doing in numerous town hall meetings around the nation.
He said, “To create the economy we desire, we must handle the urgent security challenges. Before economic recovery can be realized, the country must be safe. With terrorists and kidnappers around, no country can prosper.
The debate allowed him (Tinubu) the chance to emphasize the significance of the business sector and his administration’s willingness to engage with them, according to a statement from Tinubu Media Office sent to The Guardian by Tunde Rahman.
“My fundamental conviction is that the private sector must serve as the main engine of economic advancement,” he said. The framework, however, within which the private sector must function, is established by the government. The private sector will thrive if that structure is robust. The private sector will suffer if the structure is flimsy or lacking.
He also said that his government would address monetary and trade reforms as soon as it took office in order to successfully boost local production and reduce imported inflation as well as to improve macroeconomic stability by fostering inclusive development and job creation throughout Nigeria.
He outlined the principles that will direct their plans and strategies in order to do this, noting that the principles include how to deal with inflation, the fuel subsidy, which he said had outlived its usefulness, and monetary policy.
I disagree with the widely held belief that raising interest rates and slowing the economy are the best ways to combat all types of inflation, he stated. This strong medication is not appropriate for treating supply-induced inflation, just as one would not treat a headache by removing one’s eye.
