Micro-economic

The former Prime Minister of Ethiopia, Mr Hailemariam Boshe, has advised Nigeria to adopt micro economic policies and establish economic freedom for farmers, pastoralists and small entrepreneurs, in order to grow the economy.

He also advised government to adopt huge budget to farmers, rapid and sustainable growth is relevant.

He stated this on Monday in Abuja at the 27th Nigerian Economic Summit, which attracted local and global decision makers.

“It is important to pay attention to cross border trade with the coming of African Continental Free Trade Area (AfCFTA) there must be fiscal and economic stimulus project.”

Boshe said that a guaranteed future for Nigerians would reflect to the growth and development of the African continent.

He said many have lost their source of livelihoods due to Covid-19 pandemic, increasing insecurity, poverty as well as non-inclusive growth, which has combined to highlight the urgent need to come together to secure the future of the continent.

Boshe said that considering the happenings in many economies, the theme of the conference is apt considering the socio-economic challenges that has pervaded African economies.

He said investing in agriculture is very key and has been part of the secrets of the economic success of Ethiopia.

Boshe said that the three key efforts while leading Ethiopia and it’s economy

are committment to accelerate and rapid economic growth, agric development and industrialization and strong International partnerships.

He said that in Ethiopa, successive administration has set great efforts especially from 2000 when it had a sustained growth rate of 10 per cent per annum and every economy that wants to grow must set a target of atleast seven per cent

Boshe said That in Nigeria, agriculture is neglected since independence and this is seen in their national budget which is below 5 per cent, as such, if the economy must grow, there must be investment in agriculture.

“ Nigeria has achieved a lot, I commend successive administrations in Nigeria for their efforts towards uniting the diverse ethnic groups in the country despite the odds, Nigeria has survived multiple incidences of social unrest and a wide array of insecurity challenges which have threatened the peaceful co-existence of her citizens in more than a decade.

“ Achievement of the Nigerian government is the giant strides made in infrastructure development, the establishment of the Infrastructure Development Company,

“ On economic policy, I also want to commend the Nigerian government on its role particularly the deployment of fiscal and monetary stimulus measures that aided economic recovery in the fourth quarter of 2020, after the country hit by the COVID-19 pandemic, among other achievements,” he said.