The Centre for the Promotion of Private Enterprises (CPPE) has set an economic agenda for the incoming administration to reposition the Nigerian economy and foster investors’ confidence.

CPPE founder Muda Yusuf in a statement on Sunday said Nigeria’s current political transition offered a great opportunity to chart a new course and redirect the country’s economy.

Bola Tinubu was declared the winner of the February 25 presidential election.

According to Mr Yusuf, Nigeria’s economy is stumbling and fragile and in dire need of a new direction. He suggested that the incoming administration should establish quality economic governance consistent with tested economic principles and empirical evidence, contextualised within socioeconomic peculiarities.

This, he stressed, was critical from the onset of the administration to signal investors’ confidence.

Mr Yusuf added that a good economic governance framework should entail setting up a technically sound transition committee on the economy to provide policy direction and urgent reforms within one month.

He emphasised the need for a competitive economic environment with level playing field and minimum monopoly dominance.

“They should expand the role of markets for value delivery, boost private enterprise, carry out (a) robust review of economic framework and engage in regular stakeholder engagement to ensure proper alignment of policies with investors sentiments,” he explained. “Government institutions that play technical roles should be headed by tested technocrats.”

Mr Yusuf advocated the need for the incoming administration to prioritise macroeconomic stability with an emphasis on moderating inflationary pressures, stabilising the exchange rate and boosting economic growth.

He added that tax reforms, fuel and foreign exchange subsidy elimination to save N7 trillion and N3 trillion respectively were pertinent.

“Nigeria must unlock more income from revenue generating agencies through enhanced efficiency of their operations and initiate budget reforms to ensure fiscal discipline, curb budget padding among others,” Mr Yusuf stressed. “The administration must also ensure value for money in government expenditure and procurement and commit to reduction in the cost of governance.”

He tasked the incoming administration to demonstrate unmistakable commitment to implementing the Petroleum Industry Act (PIA) to attract more investment into the oil and gas sector.

(NAN)