Economists have urged the Federal Government to adopt measures that will increase crude oil production and provide more support for the Micro, Small and Medium Enterprises (MSMEs) sector.
They also said increased investment in agriculture and its value chain would ensure food security and drive economic growth.
The economists made the call in a separate interviews with the News Agency of Nigeria (NAN) in Lagos on Tuesday.
Prof. Sherifdeen Tella of the Department of Economics, Babcock University, Ogun, said raising oil output would spur economic growth.
“The government should be innovative in increasing crude oil output and address economic saboteurs undermining production, especially now that oil prices are on the rise globally
“Government should also enhance its export quota and ensure adequate crude supply to Dangote Refinery. This will guarantee self-sufficiency and expedite economic growth,” Tella said.
He stressed that government at both federal and sub-national levels should accord greater attention to agriculture and its value chain.
“More funds should be earmarked to subsidise agricultural production and decelerate food inflation.
“This will, in turn, ensure social stability and have positive effects on the general economy,” he said.
Also speaking, Prof. Ndubisi Nwokoma of the Department of Economics, Caleb University, advocated more support for the MSME sector.
He noted that the sector was challenged by an unfavourable business environment, which had hampered its growth.
“Currently, the sector is not doing well. It is the big firms and multinationals that are benefiting from government policies and declaring profits.
“The government needs to reduce the rising cost of governance and re-channel such funds to the growth of the MSME sector,” Nwokoma said.
He urged government to accord more…
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