Financial experts in Nigeria have called on the newly-constituted National Economic Management Team (NEMT) to give adequate attention to infrastructural development and energy, while urging the government to avoid interference with the team. According to the local private Guardian Newspaper Tuesday, those conditions are necessary for the 24-member economic team to realize its set goals. The team was inaugurated by President Goodluck Jonathan last Wednesday, with a mandate to improve the quality of lives of Nigerians.

The Managing Director, Standard Union Securities Limited, Mr. Sehinde Adenagbe, urged the team to concentrate on finding solutions to the energy crisis.

He said the power sector crisis had forced a lot of companies out of business due to the huge amount they spent on alternative power sources.

Mr. Adenagbe noted that the problem had also become a clog in the wheel of development of the nation’s economy, saying unemployment would be reduced “once there is stability in the power sector”.

On his part, the General Manager, True Bond Microfinance Bank, Mr. Wole Olowu, said the federal government should implement measures that would stimulate the development of infrastructure for sustainable growth.

“The development of good infrastructure will make the economy to turn around and attract foreign investors into the country,” he said, adding that little attention to infrastructure development might retard economic growth.

Also commenting on the issue, the General Manager, Cash Craft Asset Management Limited, Mr. Ayodeji Fagbenle, said misplaced priority by the government had contributed immensely to the nation’s poor infrastructure.

“Until the government gets its priority right, the country cannot move forward and achieve a meaningful infrastructural development,” he said.

Mr. Fagbenle said corruption should be tackled and transparency enthroned in all sectors of the economy to redeem the country’s image internationally.

He said the recent plan by the federal government to use a part of the pension fund for infrastructural development would boost the nation’s economy, if properly implemented.

President Jonathan chairs the NEMT, Vice President Namadi Sambo is vice-chairman, while Minister of Finance, Dr. Ngozi Okonjo-Iweala, is the coordinator.

Pana 23/08/2011