As LASUMBA holds business forum

By Adesina Wahab

Whoever comes into office next May as the President of the Federal Republic of Nigeria must take steps to tackle the liquidity problem the nation faces now or other associated socio-economic problems like unemployment, crimes etc may finally pull the country under.

This was the opinion of economic experts at the annual LASUMBA Heritage Business Forum 2022 which took place in Ikeja, Lagos.

In his address, the Chief Speaker, Dr Ayo Teriba, also advised that Nigerians should assess presidential candidates on how they would deliver on economic actions that would restore the glory of the country before voting for them.

‘The country needs to be liquid, that means there must be adequate revenue to work with. There must be adequate foreign reserves and adequate domestic credit . There must be stability in food prices, exchange rates, energy price among others. Steps must also be taken to grow export income, and the economy.

“We also need harmony. Socio-economic harmony, happiness, peace and safety and security of people. Presently, harmony has eluded the country and that is why we have all these troubles,” he said.

Suggesting a roadmap for the incoming administration, Teriba said fiscal and economic direction, sectoral policy to pursue, reducing the level of economic uncertainties were among what it should pursue.

Also speaking, Dr Muda Yusuf, opined that the operating environment has become too harsh for most businesses to thrive.

“Due to the paucity of foreign exchange, a number of local businesses have lost the confidence of foreign partners. The liquidity issue must be urgently tackled. If that is not done, then social upheaval may be on the rise as people are finding it more difficult to survive even on daily basis,” he stated.

In his welcome address, the 12th National President of LASUMBA, Mr Adekunle Jaiyesimi, said the annual discourse is intended to bring issues of economic importance to public domain for discussion.

He added that policy makers now face the challenge of how to stimulate economic growth after the COVID-19 pandemic.

The Vice Chancellor, Lagos State University, LASU, Prof. Ibiyemi Olatunji-Bello, represented by the Dean, Faculty of Management Sciences, Prof. Raheem Akewushola, described the Master of Business Administration, MBA, as the flagship programme of the university.

She commended the body for choosing an apt theme, that is “Impact of restructuring in a distressed economy,” adding that the country is experiencing serious economic challenges.

The Chairman of the occasion, Rt. Hon. Wasiu Eshinlokun Sanni, the Deputy Speaker of the Lagos State House of Assembly, said fiscal restructuring would save the county a lot of troubles if adopted.