German Consul, others chart course for Nigeria’s economic development

Economic challenges and opportunities in Nigeria are what experts that gathered recently in Lagos spent time to address.

The Consul General, German Consulate, Lagos, Dr. Stefan Trauman while reflecting on road to economic development in Nigeria, mentioned population growth as a major economic challenge that government at all levels would have to devote attention before the situation gets out of hand.

Traumann who noticed that, Nigeria is full of potentials was of the view that the country could easily yield to economic decline with its sprawling population growth.

Also speaking at the event titled: ‘KAS Economic Dialogue- Road to Economic Development: Challenges and Opportunities,’ organised by Konrad Adenauer Stiftung (KAS) in conjunction with Delegation of German Industry and Commerce in Nigeria (AHK) is the Chief Economist, Macroafricaintel, Rafiq Raji emphasised culture constraint as major bane of socio- economic development in Nigeria.

The CEO, Siemens Limited, Onyeche Tifase, while fielding question during a panel discussion, urged the government to ensure that Nigerians are economically independent and not relying on the government to drive economic growth.

She further canvassed for push towards renewable energy, digital funding, access to finance through enabling policy, instructions, advocacy and penetration of foreign market through what she called “Nigeria viable market.”

Responding to questions on expectations from the government in the new political dispensation, the former Deputy Governor, Central Bank of Nigeria, Dr. Obadiah Mailafia, tasked the government to work on social trust, which he noted had been translating to loss of business opportunities.

Mailafia who pointed out that Nigeria and Germany are both regional leaders in their own rights, noted that a lot could be done together for mutual benefits by the two countries through stronger partnership in commercial and business activities.

The Senior Representative, Commerzbank Representative Office, Nigeria, Olaf Schmueser, partly blamed doldrums in economic activities in Nigeria on short term funding, he therefore called on the government to ensure viable money lending, through long term lending.