An entrepreneur, and one of the APC Presidential aspirants in the last Convention, Mr Tein Jack-Rich says, only an economic liberalisation strategy will help Nigeria overcome its current challenges.
Mr. Jack-Rich who gave the indication in a statement in Abuja, stressed that it remained a phenomenal tool to activate private capital growth, and to join the trillion-dollar economic league.
He said to achieve this, policymakers must award deep tax cuts, and promote sectoral economic stimulus through soft credit lines to help indigenous companies produce the country’s needs.
According to the philanthropist, the global economic trend has an impact on Africa, which accounts for only three per cent of global trade with seven per cent of the trade deficit.
He explained that It was difficult for Nigeria to survive a hike in interest rate as the best monetary policy response to address surging inflation, since the current inflation was cost push rather than demand pull.
Mr. Jack-Rich therefore, called for a holistic approach to the country’s economic policies, as ignoring economic stimulus and pushing interest rate hike would increase unemployment rates, and exacerbate the wind of economic recession.
PR/SANDY/Unar S
