Stakeholders, while decrying the state of the nation’s economy have emphasised the need to focus on subsidising production as against consumption to stablise and grow the economy.

They suggested that through policy change, technology, harnessing the youth population and investments, the nation’s economy can be restored.

This was at the Nigerian Forum organised by Sixteenth Council, in Lagos.

Chairman, Sixteenth Council, Dr. Brian Ruben, said Nigeria has a lot of untapped potential, thus the need to proffer solutions as the current naira devaluation is a testament of crisis.

He urged citizens to participate actively in keeping public officers accountable as well as take responsibility in contributing to the development of the country.

He called on the government to timing and approach while reeling out reforms to prevent the challenges faced by the activation of recent reforms, which has disrupted the nation.

“Nigeria has not been doing so well, but we have an opportunity to change the narrative. Every generation must face the challenges of their time and whether you are doing that through the instruments of governments or a corporate organisation or as a private citizen, that doesn’t really matter.

“Unemployment and naira devaluation are indicators of problems, but also of opportunities. My hope is that every Nigerian can put the anger and the malice and bitterness aside and rise to the call of growth irrespective of what our experience has been,” Ruben said.

Senior Partner, PUNUKA Attorneys & Solicitors, Anthony Idigbe (SAN), said the young population, habitable land space, technology, natural resources, of Nigeria is its economic advantage, while adding that political challenges such as colonial leakages, policy issues, knowledge gaps slows impedes her growth.

Founder, Emerging Africa Group, Toyin Sanni, said Nigeria remains an attractive and viable investment destination as risks are compensated by very significant results, returns and rewards, adding that foreign direct investors have in the past reaped significant returns and yields in Nigeria that cannot be found in too many markets.

She however added that profitable investment requires adequate information and business advice from qualified professionals.

“Over the years, Nigeria as an investment destination has created significant value for investors over time. Both domestic and international investors have created tremendous wealth out of this economy. We have had times when this economy was giving 8-9% average return for like a decade. We have suffered in recent times, which cannot be divorced from the COVID-19 situation and Russia – Ukraine war. There is however an opportunity for our economy to recover and we hope that with all the policy thrusts of the new administration that the economy will recover,” she added.

Speaking on exit strategy, she said “Foreign investment on the Nigeria Exchange Group (NGX) is about 9 per cent which is low, so the best exit strategy is the capital market. The importance of a vibrant and strong capital market is that it provides an accessible, transparent and continuous exit opportunity for investors.”

Chief Executive Officer, Global PFI Group, Nigeria, MKO Balogun, speaking on the importance of diversification, said security of investment is a key discussion to have when considering diversification.

“As a nation we can export our services. We don’t necessarily need to export the people because you need to empower the locals of the countries you expand to, but you can export your business and skills,” he said.