NAN-F-18
Inflation
By Chinyere Joel-Nwokeoma
Accra (Ghana), Nov. 8, 2017 (NAN) A financial expert, Mr Francis Kokutse, on Wednesday urged the Federal Government of Nigeria to tackle cost of production through the provision of basic infrastructure, for economic boom.
Kokutse, a former member Ghana News Agency, spoke in an interview with the News Agency of Nigeria (NAN) in Accra, on the sideline of an Advanced Business Reporting programme sponsored by First Bank of Nigeria.
He said that the Nigerian government needed to get the economic fundamentals right by providing basic infrastructure to reduce cost of production and improve cost of living.
“Nigeria is one country in Africa that needs to be up; it should not be where it is today.
“Problems associated with every aspect of production in all sectors of the economy should be looked at,” Kokutse said.
He said that government should also strengthen strategies aimed at eradicating corruption to boost investor confidence.
Kokutse said diversification of the nation’s economy by concentrating on the agriculture sector and investment in solid minerals would aid growth and development.
“Nigeria can do well if they put much emphasis on agricultural production; dependence on oil is not the way forward.
“Nigeria has neglected cocoa production for a long time; there are other minerals that Nigeria can look at, and if they increase production in minerals, it will push the economy,” he said.
Kokutse, however, called for involvement of Nigerians in the diaspora, to boost the country’s foreign direct investment.
He said that Nigerians in the diaspora had a lot of contributions to make to aid growth and development.
Speaking on the single digit inflation target by 2018, Kokutse urged the Central Bank of Nigeria (CBN) to concentrate on ways to reduce cost of goods and services.
He said that the fundamentals need to be right for the single digit inflation target to be possible.
“I have watched the Nigerian economy for sometime, talk about single digit inflation figure might be impossible if the fundamentals are not right, except a miracle happens,” Kokutse said.
He said that the CBN should not only concentrate on inflation figures, but also consider the plight of the ordinary man on the street. (NAN)
JNC/SOA
=========
Edited by Oluwole Sogunle