Economy: Experts propose ways to accelerate private sector growth

Experts have identified the creation of a conducive atmosphere and skill acquisition as important factors in promoting private sector growth in the country. They made the call in Abuja, yesterday, at the maiden edition of the Nigeria Employers Summit organised by the Nigeria Employers Consultative Association tagged ‘The Private Sector as an Engine for National […]

Experts have identified the creation of a conducive atmosphere and skill acquisition as important factors in promoting private sector growth in the country.

They made the call in Abuja, yesterday, at the maiden edition of the Nigeria Employers Summit organised by the Nigeria Employers Consultative Association tagged ‘The Private Sector as an Engine for National Development’. 

Delivering the keynote address, the regional director and representative to West Africa of the United Nations Industrial Development Organisation (UNIDO), Mr Jean Bakole, underscored the relevance of private sector contributions to growth and development of Nigeria.

“With over 90 per cent employment contribution in Nigeria, both in formal and informal sectors, government must synergize with the private sector to drive economic sustainability and growth because Nigeria currently has a population of over 200 million people and by 2030, it will be as high as 500 million people,” he said. 

 Bakole further called for a platform to promote startups’ development, adding that “in 2021 alone, startups in Nigeria contributed over $1 billion, which is why the government should create a conducive business atmosphere for their growth to serve as an incubator for economic prosperity.”

 In his remarks, the Director General of the Industrial Training Fund (ITF), Sir Joseph Ari, underscored the relevance of skills acquisition in driving economic growth.

He said, “The Industrial Training Fund, in collaboration with the Manufacturers Association of Nigeria and UNIDO, conducted a survey and discovered that there are a lot of job vacancies but the requisite skills is lacking.”

 In his remarks, the President of NECA, Mr Taiwo Adeniyi, noted that the summit will serve as a platform to aggregate expert comments on how Nigeria can leverage technology and its huge natural resources to maximise economic growth.