The Vice Presidential Candidate of the Peoples Democratic Party (PDP) during the 2019 elections, Peter Obi, has stated that Nigeria cannot achieve its economic potentials unless there is very clearly defined, well formulated and articulated fiscal and monetary policies to support entrepreneurship and the private sector for economic turnaround.
Obi, who spoke at the 3rd Anniversary of Anaedo Online, explained that for Nigeria to achieve stable economic growth and development, the well formulated fiscal and monetary policies must be rigorously implemented to support local businesses especially Micro, Small and Medium Enterprises (MSMEs) who, he said, are the engine of the economy.
He stated that supporting small businesses must include patronage of locally manufactured products.
“In most economies doing well around the world, governments support their local manufacturers by patronising them. I traveled to India severally in the 80s and 90s. All their government officials drove Tata motors, manufactured in Muo India. Today, Tata is a global automobile company with many subsidiaries,” Obi said.
He lamented that the story is different for Nigerian businesses, who receive little or no support from government. “It is unfortunate that in most government houses today, sets of furniture and household equipment are all imported from abroad. Some even boast that their chairs are Versace and Gucci designs. That is simply a shame and show of ignorance,” Obi stated.
He maintained that by supporting small businesses, the nation will experience economic growth which will result in jobs creation and lifting of many Nigerians out of poverty.