Paul Alaje, a senior economist at SPM Professionals, has called on the federal government to urgently intervene in key sectors of the economy that directly influence productivity and growth, news.ng reports.
In an appearance on Channels Television’s programme, Morning Brief, on Monday, he emphasised the need to initiate reforms not just in some sectors but across critical sectors to achieve maximum output.
He suggested that reforms in critical sectors like energy, which can ramp up electricity supply, are necessary to unlock the untapped economic potential.
He noted that epileptic power supply has hindered the needed growth in the country’s industrial ecosystem.
“Get a major improvement in output. We need major reform on energy, that is, electricity supply,” he said.
Another sector begging for reforms is agriculture, as the economist called for swift transformation, including massive investment in transportation to cushion the effects of the war in the Middle East.
He particularly stated that if urgent attention is given to the railway system, which should connect production zones from north to south and vice versa, it will radicalise activities in the agriculture sector.
He explained, “And if I can anchor it, major reform on railway, voting more money and connecting them to farms, farms to urban centre or city centres where some consumption takes place and even to industrial, industrial area.”
He also called for reforms in the oil and gas industry, not limited to a few areas, to guarantee maximum impact.
“I can tell you that we also need reforms around the oil and gas sector. Reforms should not be limited to a few areas or a few sectors. If we are running a reformist system or a reformist government, we need to now take it to areas where people will feel the direct impact of all of these reforms in our lives, in our economy,” Alaje said.
