By Olasunkanmi Akoni

As President Bola Tinubu administration was inaugurated on Monday, the Executive Chairperson of Still Earth Holdings, Oyindamola Adeyemi, has tasked the new government to work rigorously toward accelerating the nation’s Gross Domestic Product, GDP, growth.

While welcoming President Tinubu, Vice-President Kashim Shettima and state governors into office, Adeyemi called on them to hit the ground running immediately and translate their electoral economic development proposals into actions.

Nigeria’s GDP slowed down by 3.10 per cent to close at N56.76 trillion as at fourth quarter 2022, according to the National Bureau of Statistics (NBS).

Adeyemi, in her second quarter, 2023 advisory on economic development, stated that the development of the key sectors considered as the key drivers of the Nigerian economy will drive the GDP growth which she said would impact positively on the economy and Nigerians living conditions significantly.

Still Earth Holdings boss, advised the president to accord priority to increased investment in human capacity, infrastructure, agriculture, housing, financing, manufacturing, youth/women inclusion, and boost for local capacity in the oil and gas sector.

In her advisory, she stressed that the growth led by the non-oil sector was 95.66 per cent with agriculture contributing 23.3 per cent, while oil and gas’ total annual contribution was 5.07 per cent.

This, she believed, could be improved upon if the Government pays attention to them and thus securing some easy wins to grow the economy in its early stages of operation.

Adeyemi further said that a more stable foreign exchange ecosystem built towards a single FOREX regime would facilitate industrial, agricultural and infrastructural expansion in key sectors, thereby leading to job creation, poverty reduction and increased productivity in the economy.

“By the formulation and implementation of sound fiscal policy coupled with efficient monetary policy, I am confident that our incoming President Asiwaju Bola Ahmed Tinubu, is able to make a significant impact on the nation’s socio-economic ecosystem.

“Also important is aggressive renewal and development of critical infrastructure assets that can stimulate growth in the real sectors of the economy, as well as catalyse optimal delivery of social services for the citizenry,” Adeyemi asserted.

The foremost female entrepreneur, who sits atop diversified multi-sector portfolios spanning several segments including construction, real estate, oil and gas, and finance, further stated that increased budgetary allocations and private sector participation in the provision of basic and critical socio-economic infrastructure could deliver immediate impact on Nigerians.

Adeyemi also stressed the need for a business-friendly environment that could make businesses operate efficiently, profitably and sustainably, even as she said this would in turn impact on more public-private sector collaboration to accelerate economic growth.

The Executive Chairperson of Still Earth Holdings affirmed that boosting local refining of petroleum products would conserve foreign exchange, create more jobs and boost local talent development in the sector in the long run.

Adeyemi added, “Oil and gas income accounts for nearly 90% of Nigeria’s export earnings and it contributes about half of government revenue.

“Hence, it is stating the obvious that oil and gas remain vital to our short-term economic survival and long-term prosperity for now.

“It is desirable that the sector must be restructured in a way that it continues to deliver prosperity for the people of Nigeria.”