Donald Duke mentioned that the non-oil sector needs to grow by 15% consistently for 10 years to re-calibrate the nation's economy
Former governor of Cross River state and Nigerian presidential aspirant for the 2019 presidential election, Donald Duke, has highlighted ways on how the government can grow and strengthen the nation's economy.
Duke said the problem of the nation is as a result of discontentment from all regions and the work of any leader is to deal with it by ensuring that the average Nigerian at their prime age is a productive entity.
He stated this when he appeared on Pulse Nigeria's Loose Talk Podcast on Friday, July 13, 2018.
The former Cross River State governor said there is a vast area of what has not been done. He harped on unavailability and access to capital.
“Banks take your deposit, makes a huge profit on it and will even not borrow you, we need to redesign the arrangement,” he opined.
He said young people don't dare to dream any more. “It is pitiable because access to capital kills these dreams, low scale infrastructure, no access to capital, unemployment etc.”
He said a society where access to credit and capital is available and affordable, then you will see the productivity of people.
He also mentioned that the non-oil sector needs to grow by 15% consistently for 10 years to re-calibrate the country because we should be a $2.5 trillion economy.
Some of his ideas on how to build a viable economy include:
- Redesigning the Nigerian financial system for access to credit
- Nigerians should invest in their country and not build on investors' plan
- Nigeria needs to look into its energy. He said Nigeria should look more into gas as it is the country's strength.
- Reduction in unemployment rate
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On why some of these things are not happening, Duke said the will to do is not there. He said every government want to make history with achievements but the will to clean the system is not in the Nigerian leaders.
“I have been involved in government, to be a successful leader, the will to do and the office strength must be present. It is not rocket science, it is just a desire to do it.”
He said the best politics is doing the right thing.
Meanwhile,the International Monetary Fund (IMF) on Monday upgraded its growth rate forecast for Nigeria’s Gross Domestic Product (GDP) in 2019 to 2.3%, while retaining 2.1% for 2018, citing improved crude oil prices.
The IMF announced the upgrade in its World Economic Outlook (WEO) Update, July 2018 titled, ‘Less Even Expansion, and Rising Trade Tensions’.
The 2019 GDP growth forecast of 2.3% announced for Nigeria was 0.4% points higher than the 1.9% announced in April 2018.
On Sub-Saharan Africa scene, the IMF retained GDP growth forecast of 3.4% in 2018, upgraded its forecast for 2019 to 3.8 %, from 3.7% announced in April, citing rise in commodity prices.