Financial experts have urged President Muhammadu Buhari’s regime to tackle rising insecurity headwinds in the country to boost economic growth and development.

They disclosed this in separate interviews on Thursday in Lagos against the backdrop of the African Economic Outlook 2022, released by the African Development Bank (AfDB).

The AfDB projected the average growth rate of Nigeria’s economy this year through 2023 at 3.2 per cent.

The 2022 Economic Outlook report was released at the bank’s Annual General Meetings in Accra, Ghana, which ended on May 27.

The report focused on the growth prospects of the continent in the context of the COVID-19 pandemic, climate change adaptation, energy transition and other structural challenges.

The AfDB president, Akinwumi Adesina, his team and board of governors, examined the economic outlook at the regional level and country-by-country basis.

The former Chartered Institute of Bankers of Nigeria (CIBN) president Bayo Olugbemi enjoined Mr Buhari’s regime to tackle the insecurity headwinds in the country to surpass the growth projection.

“The insecurity challenge is one of the factors jeopardising the general economy in recent times. The headwinds are exacerbating and moving to other regions particularly the hinterlands,” Mr Olugbemi said.

According to him, the agriculture sector and its value chain need to be supported to enhance growth in the economy.

“Through having improved seedlings and more agric extension workers to ensure they attain food sufficiency in farm produce. The sector is one aspect of the economy that we have comparative advantage and can expedite economic growth,” he added.

Also speaking, Muda Yusuf, the Centre for the Promotion of Private Enterprise CEO, called for incentives to the gas sector by the government to accelerate economic growth.

“Having more fiscal incentives for the sector is crucial to attract foreign capital, particularly, now that the world is moving toward more environment-friendly energy,” stated Mr Yusuf. “The sector is yet to be exploited adequately to change our economic state, despite having one of the largest reserves.”

He noted that Mr Buhari’s regime could ensure economic growth in the country by harnessing our huge population.

“Allocating more funds for educational and vocational training of our population will convert them into human capital assets. Our human capital is one of our best assets and when utilised could compete globally,” Mr Olugbemi added.

Nerus Ekezie, a former director of the National Association of Small and Medium Enterprises (NASME), said Mr Buhari’s regime could enhance growth by supporting the building of more business clusters.

Mr Ekezie urged the president to upscale critical infrastructure to boost the business environment and facilitate the movement of commodities with less headwinds.

(NAN)