By Francis Akinnodi
The Federal Government has been challenged to look beyond Gross Domestic Product (GDP) growth and prioritize human productivity with raging concern on the weak performance of Nigeria’s economic plans, programmes and policies.
A business expert, Mr. Oluwadunsin Titilayo gave the advice yesterday while speaking with The Hope In Akure.
He explained that national development plan must prioritize productive economics, double digits growth while government at all levels should make policies that would develop as well as strengthen the growth of small businesses in Nigeria.
“Government is like a kick starter. What a kick starter is to a vehicle is what government is to the economy.
“Our governments need to come up with policies that can support, encourage and drive small businesses”, he said.
Titilayo said an increase in prices of essential commodities without an active economy would only make citizens poorer.
He said this would have more negative effect on the purchasing power of the people, saying presently, Nigeria is no more an industrial republic; hence the nation strength lies in small businesses.
“The current hike in prices of essential commodities like fuel, electricity would drastically affect the small business because the economy is not active and there have limited resources to manage their essentials.
“In the early 2000 till now, it was difficult to find an industrialist like in the 70’s; we find it difficult to see an entrepreneur that move from small business to medium and to the production level, because government is not creating an enabling environment for businesses to grow.
Rather, our entrepreneurs are now shifting base because they realized that jobs need to be created, economy need to be encouraged.
“That is why we see more beer joints, restaurants because these did not need government policies to sustain. Small businesses remain the strength of every nation’s economy, so government need to participate fully to support their growth,” he said.
He said, “No business for government in business. Government need to setup an arm to see to the development of small businesses with relevant stakeholders involved.
“Also, for businesses to thrive in Nigeria, Nigerians should believe and consume their products. If the country that produce the ‘foreign’ goods we buy today did not believe in their products, we would not import them”, he stated.