A chieftain of the All Progressives Congress, (APC) Tein Jack-Rich has said only an economic liberalisation strategy will help Nigeria overcome its current challenges.

Jack-Rich said to achieve this, policy makers must award deep tax cuts, promote sectoral economic stimulus through soft credit lines to help indegenous companies produce the country’s needs.

In a statement in Abuja yesterday, he said: ”As an entrepreneur and industrialist of the 5th era of industrial revolution, where digital transformation and technology boom have taken artificial intelligence to record high economic levels, one key engine we need in 2023 is economic liberalisation.

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”It is a phenomenal tool to activate private capital growth, and to join the trillion-dollar economic league.”

According to the philanthropist, the global economic trend has its impact on Africa, which accounted for only three per cent of global trade with seven per cent of trade deficit.

He said: ”It is difficult to fathom the assertion that a struggling economy with negative trade balance of 19.3 per cent also exposed to surging global inflationary turmoil, due to high import dependency on what it can produce, can survive a hike in interest rate as the best monetary policy response to address surging inflation.

”This is because the current inflation is cost push rather than demand pull.”