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Thursday, December 8, 2022

Experts seek DFIs synergy to fix economic problems

By Francis Akinnodi

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Economic experts have urged increased collaboration among Development Finance Institutions (DFIs) to address economic challenges in the country.

They noted that it has become compelling for DFIs to increase the level of their intervention as Nigeria is home to an estimated 200 million people.

An economist, Dr. Timothy Awe said there have been marked economic improvement through the years from various intervention programmes and infrastructure investments.

He said that the World Bank in its projection this year said that Nigeria would be home to 95.1 million poor people.

According to him, this therefore, means that more efforts were required in the area of poverty alleviation, infrastructure and human capital development, agriculture, and industry among others.

“Nigerian DFIs have the potential to address major challenges facing the nation working in synergy with the organised private sector as well as the three tiers of government.

“Collectively, we can deliver the level of sustainable social and economic development that we desire. Nigeria presents a unique context for the developmental mandate of DFIs.

“Indeed, we are charged with enabling various sectors and segments of the economy such as agriculture, industry, infrastructure, export and import, and mortgage.”

Also, an economic analyst, Olukayode Ayodeji said that agriculture remains the strongest source of economic growth in Nigeria and Africa at large as it has the potential to create employment, improve livelihood and social development.

He, however, said that in spite of these potential, the impact of the sector in terms of economic development has not been felt in the continent.

“Before now, labour usually moves from agriculture to manufacturing and to industries. But its not the case today. So, it would appear that the hope for sustainable job creation is maybe the servicing sector and not the industries.”

To achieve the development goals across Nigeria, he called for more funding of key projects by Development Finance Institution.

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