A seasoned banker, Mr. Pascal Dozie, has said that achieving the broad policy objectives of Federal Government’s ongoing economic reforms requires appropriate regulatory regime for enterprises to thrive.
Dozie made this remark in a paper titled ‘The Nigeria we Need’ at the ongoing 2022 National Economic Summit organised by the National Economic Summit Group (NESG) with the theme ‘Shared Prosperity: 2023 and Beyond’ in Abuja.
While urging Nigerians to set agenda for incoming leaders after the 2023 general elections to achieve a greater country, the banking and investment expert called on the Federal Government to “de-personalise” institutions by levelling the playing field and making it attractive to both local and foreign investors.
He canvassed: “Ours is an economy that urgently needs a positive regulatory environment that is private-sector driven and business-enhancing.”
Similarly, Dozie, who is the founder of the defunct Diamond Bank, Pan African University governing council, also stressed the need for the deployment of more inclusive and development-enabling institutions over “economic extractive” ones.
He further said: “Whereas inclusive institutions bestow equal rights and enable equal opportunities, Extractive Economic Institutions (EEI) permit the elite to rule over, exploit and extract wealth from those who are not in the elite.
“In the circumstance, EEIs stymie national cohesion and development, with attendant debilitating effect on societal cohesion and development,” he added.
In addition, Dozie called for a comprehensive review of the Land Use Act, describing the legislation as the “most debilitating economic extractive institution” which has allowed powerful Nigerians to take over ordinary Nigerians’ and communal lands for selfish interests.
According to him, following the implementation of the Act over the years, citizens are denied their heritage, with attendant negative impact on agriculture by small and community-holder farmers, poverty alleviation and wealth creation.
Dozie noted that in this circumstance, after over four decades of unintended negative consequences, the time had come for a comprehensive review and amendment of the Land Use Act.”
In addition, he pointed out that the Nigerian polity required urgent solutions in the face of the insecurity bedeviling the country, adding that as a fundamental principle of nationhood, regardless of the cost, Nigerians must deal decisively with threats to national security in a smart, transparent, accountable and coordinated manner.
He also charged the Federal Government and the citizens to ensure that the forthcoming 2023 elections were free, fair and peaceful.
