By Afolabi Idowu
Experts have mooted the idea of public private partnership to drive the desired socioeconomic growth and development within the country.
This was the submission made by a cross-section of experts which converged at the Nigerian Economic Summit (NES28) held in Abuja, recently.
Firing the first salvo, Executives of Honeywell Group Limited (HGL), Oluwayemisi Busari, Senior Adviser, Government Relations, and Otu Hughes, Chief Investment Officer, who joined over 600 notable leaders in public and private sectors for the hybrid summit tagged, ‘2023 & Beyond: Priorities for Shared Prosperity’ stressed the need for collaboration amongst different sector groups to drive the desired socioeconomic change.
Busari, who is responsible for steering the government relations efforts at HGL, and Otu Hughes, who leads the investment strategy for the firm, shared their thoughts with newsmen on the sidelines of the summit.
Read Also: ‘Public private partnership key to building Africa’s future’
Speaking on macroeconomic stability for Nigeria, Hughes said, “Businesses are hard hit by foreign exchange volatility. The government needs to cushion this volatility through insightful policies. Foreign exchange stability will help businesses in planning and decision-making.
“We have invested in the major sectors of the Nigerian economy, such as energy, technology, manufacturing, foods, real estate, infrastructure, and financial services. Our goal is to deliver value and improve lives.”
A 2022 World Bank Report suggests that Nigeria’s economy is projected to grow at an average of 3.2% in 2022-2024, albeit subject to downside risks, including further declines in oil production and heightened insecurity.
In his own assertion, Busari spoke on the impact of public-private collaboration, and the role of transformational leadership in economic development, said, “The private and public sectors are like conjoined twins with a symbiotic relationship. Corporate organisations need the government as much as the government requires the support from the private sector. We need to have more relevant policies for businesses, and corporate organisations need to invest in strengthening their relationships with the government by providing the right support.”
“At Honeywell Group, we ensure that we work closely with the government to drive the economy. We believe in forming strong partnerships that will enable positive impact. This goes to the core of who we are as a business.”