Experts in the various sectors of the economy have said that the country urgently needs to build a rich and continentally competitive economy to survive, citing lack of competitiveness as the cause of the nation’s worry for Africa Continental Trade Agreement (AfCTA).

They also noted that the targets to be met in the 2021-2025 National Development Plan have been missed and there is a need for the country to know what it wants to achieve and how to achieve them.

They spoke at the launch of the Nanyang Technology University-Singapore Business Federation, NTU-SBF, Center for African Studies, 10 years Economic roadmap for Nigeria report written by the school’s Director , Mr. Amit Jain, in Lagos .

Speaking at the Launch of the report titled: “Back to Growth: Priority Agenda for the economic revival of Nigeria”, former Chairman, Economic Advisory Council, Dr. Adedoyin Salami, said: “In Nigeria, we have taken exchange rate appreciation essentially as an index for national virility, essentially, because all of us in this room have foreign currency obligations.

“But as you appreciate the currency, you export jobs, you undermine your own fundamental competitiveness and yet if Nigeria is to succeed she must as a matter of urgency build at the first instance a rich competitive economy, a continentally competitive economy and thereafter it can become to talk about globally economy.

“Why are we so worried about the Africa Continental Trade Agreement (AfCTA)? It is because of the nature of the competition, and so I think the conversation that needs to be heard is first and foremost, what exactly are we trying as a country to achieve.Thereafter, the role that the exchange rate plays in trying to achieve that objective.”

On his part, Jain noted that the report is the center’s attempt to develop a roadmap for the new administration to put Nigeria back on the path of growth.

He highlighted human capital, good governance and benign international market conditions as factors that will sustain growth in Nigeria.

The Group Executive Director/Vice Chairman, Tropical General Investment (TGI) Group, Africa, Mr. Farouk Gumel stressed the need for inclusion in the financial sector saying: “The outlook for the financial sector is positive but it requires inclusion.”

END.