Onabanjo also called for a renewed focus on improving the quality of education and providing relevant skills training to the workforce to enhance productivity.
Prof. Olatokunbo Onabanjo, Chairman, Pan African American Chamber of Commerce(PAAC), says President Bola Tinubu can grow Nigeria’s economy to a trillion-dollar through long-term vision, sustained efforts, and collaboration between the government and private sector.
Onabanjo said Tinubu’s government must focus on sustainable and competitive growth, diversifying the economy beyond oil by promoting agriculture, manufacturing, tourism and technology sectors to achieve this feat.
The PAAC Chairman gave the advice in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos.
According to him, making Nigeria a trillion-dollar economy within a span of four to eight years is doable with adequate planning.
“This will reduce dependency on oil revenues and create a more resilient and sustainable economy,” he said.
Onabanjo, a seasoned project manager and member of Certified Project Management Professionals, said the President must improve the ease of doing business by implementing reforms that will make it easier for businesses to operate and thrive in Nigeria.
According to him, the government must streamline bureaucratic processes, reduce red tape, and enhance the efficiency of regulatory frameworks, saying,“This will attract more domestic and foreign investments, and foster economic growth.”
He said that the government must also enhance infrastructural development, adding that investing in critical infrastructure such as roads, railways, ports, and the power sector would improve connectivity, reduce transportation costs, and attract more investments.
“Infrastructure development is crucial for economic growth and can unlock the potential of various sectors,” he said.
The former director of computer science in Lagos State called for the creation of an enabling environment for entrepreneurship and innovation by providing access to capital, mentorship programmes, and business development support.
He said it would encourage the growth of startups, and small and medium-sized enterprises (SMEs), “as they play a vital role in job creation and economic dynamism.”
Onabanjo also called for a renewed focus on improving the quality of education and providing relevant skills training to the workforce to enhance productivity, innovation and competitiveness in various sectors.
“Collaboration between the government, educational institutions, and the private sector is essential to bridge the skills gap.
“Also, a reliable and affordable energy supply is crucial for attracting investments and driving economic growth,” he said.
Onabanjo urged the President to also enhance financial inclusion, promote regional integration and encourage Trade and Foreign Direct Investment (FDI) by actively promoting trade partnerships with other countries.
“This can be achieved through trade agreements, investment incentives, and ensuring a transparent and predictable business environment,” he added.
He said as part of efforts to achieve this, the Pan African American Chamber of Commerce’s “Hope for Africa: Trade and Investment Summit/Conference and Exhibition,” has been scheduled for Sept. 9 to Sept. 13 in Atlanta, Georgia, United States.
According to him, the summit will foster economic growth and development across the African Continent by facilitating strategic partnerships, promoting investment opportunities, and showcasing the diverse potential of African industries.
He said the trade summit would harness the collective expertise and resources of international investors, business leaders, policymakers, and civil societies to attract investments and developments in Africa.
