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Management expert urges Tinubu to overhaul economic team, suggests Adesina and Okonjo-Iweala for CoS position

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By Oludare Mayowa

Prominent management consultant Babafemi Olabiyi has advised President Bola Tinubu to revamp his economic team and appoint a highly skilled technocrat as Chief of Staff.

Olabiyi contends that while the president may be aging and weakened by health concerns, a proficient professional in a key role could facilitate more impactful economic decisions to alleviate the hardships faced by the masses.

Olabiyi underscores the importance of evaluating the proficiency of the core economic team, emphasising that the current executive council appears more focused on personal interests and procurement than strategic economic management.

In a strategic note shared exclusively with Global Financial Digest, Olabiyi suggests that appointing executives with proven track records, such as Babatunde Fashola, Akinwunmi Adesina, and Ngozi Okonjo Iweala, could enhance the government’s management capabilities.

In addition to strengthening the economic team, Olabiyi emphasises the critical need for Nigeria to attract foreign direct investments (FDIs) and direct investments (DIs) and foster international trade partnerships with key nations, including the US, UK, Germany, China, India, Brazil, and Russia.

He advocates a special diplomatic package targeting these countries to secure bilateral and multilateral deals for international trade.

The note highlights the necessity of restructuring Nigeria’s dollar debts, recommending refinancing into longer-term repayment instruments, and securing a moratorium on these debts.

Olabiyi believes this approach would free up more dollars for strategic infrastructural and economic development initiatives.

The consultant further emphasises the importance of addressing issues related to crude oil and gas revenue, suggesting a tough stance on renegotiating OPEC allocations.

READ ALSO: Nigeria plans to restart direct cash transfers to poorest and most vulnerable

He advocates waiving certain terms in the Petroleum Industry Act (PIA) to incentivize upstream exploration and production companies to invest more in Nigeria.

Olabiyi points out the decline in Nigeria’s rig count over the past decade and emphasises the importance of increasing crude oil production through measures that combat theft and promote investment.

He highlights the significance of supporting the completion and maximum production of the Dangote refinery to ensure stability in petrol domestic supply.

The note also calls for strategic initiatives such as selective concessioning, joint ventures, or partnerships with European technical partners for local refineries.

Olabiyi recommends exploring new sources of wealth through long-term sales and purchase agreements on mineral resources like lithium, uranium, copper, and gold.

He suggests key strategic opportunities, including diversifying revenue sources, reducing government costs, restructuring debt repayments, hedging the naira exchange rate, and eliminating wasteful expenditures through corruption.

He stresses the importance of creating a comprehensive plan with clear milestones and timelines.
For short-term measures, the consultant proposes palliative paychecks for federal workers, subsidies for school fees, and initiatives such as introducing gas-powered mass transit buses and using the military to escort food trucks.

Olabiyi advocates utilising GPS technology to identify and eliminate terrorist and bandit clusters and implementing direct transfers to the bank accounts of the poor based on cross-validated data.

In essence, the note provides a comprehensive strategy for President Tinubu to navigate the economic challenges facing Nigeria, incorporating both immediate measures and long-term planning.

(Contact; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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