A former Group Managing Director and Chief Executive Officer (MD/CEO) of First Bank of Nigeria Limited, Dr. Adesola Adeduntan, has hailed President Bola Tinubu and his Economic Management Team for what he described as a rebound and upward swing of the economy.
Noting that it would amount to loss of professionalism for anyone who fail to recognise the ongoing efforts of the current administration, Adeduntan noted that although, there is room for improvement, there is no doubt that economy has been turned around.
The business executive and financial expert spoke while featuring as a guest at the state-owned Broadcasting Corporation of Oyo State (BCOS), Bashorun, Ibadan live television and radio show which was monitored by The Nation.
Appearing as the Guest of the Month, the interview focused on the state of the Nation.
Adeduntan, who is also the Pro-Chancellor, Abiola Ajimobi Technical University, however urged the President not to lose focus but keep accelerating on the mission of transforming the economy.
He added that, people at the grassroots will feel the direct impact of the Economic improvement when the Gross Domestic Product (GDP) doubles.
According to him: “There is being a rebound in the economic. One will loss his professionalism if you fail to recognise what is going on with the economy.
“One must give a lot of credit to what has been achieved by the current administration. The economy is on an upward swing.
“There are areas for improvement but you can’t but acknowledge President Bola Tinubu and his team efforts on the economy. They are ding a lot and improving the economy despite challenges.
“For the country to fully feel the impact of the growth, we need to do like the rate of GDP growth.
“The Federal and State Governments have both been involved in massive constructions all around. Their policy choices, sequences could be a challenge but the directions need to be harmonised.
“What has been done is pushing growth beyond where it has been over there years. When we start growing at eight or nine percent, we will see more impact. The growth rate is stronger now than what it used to be.”
Speaking on the agriculture and other sectors, Dr Adeduntan also noted that, the country has made significant progress in the sector, noting that years back, the country spend huge foreign exchange (forex) on rice importation, but that production, especially in rice cultivation has improved.
“In truth, the country has made significant progress in agriculture. Some 10 to 15years ago, we spend huge forex on rice importation, but in the last few years, we have improved our production especially in rice cultivation.
“A number of the transformation ongoing are not short term basis but medium and long term so we may not have started feeling the impact. The journey into diversification Is what will take time, but the good things is that the journey has started and we are on course.
“I agree with the direction the government is going. What I think that the President needs to do more is to keep Accelerating and remain focus. The government has been pushing aggressively policies that are right,” he added.
He urged the government to allow more price liberalisation than price control.
“Parts of that needs to happen is price realisation, not regulation. liberalisatuon of prices as it relates to subsidy removal and currency harmonisation is that people now have the privilege to enjoy realistic gains.
“I have seen significant returns come to people in the agricultural sector. Our agriculture is not where it should be but it is not where it used to be.
“Things are moving forward even though we need to move faster. If government can replicate what has been done done with rice sector of agricultural, things would be lot better. Our agriculture needs to be done at industrial scale and the government is also a bit more into the livestock sector.”
