Ayo Teriba, a prominent economist, has stressed the importance of Nigeria harnessing its national assets to attract foreign exchange inflows and build robust external reserves. This strategy, he believes, is crucial for achieving economic stability and growth.
Speaking at the 2024 Vanguard Economic Discourse in Lagos, Teriba emphasized that Nigeria’s reliance on income and output is no longer viable in today’s global economic landscape. He cited examples of countries like India and Saudi Arabia, which have successfully leveraged their assets to drive economic growth and attract foreign investment.
Teriba identified various assets that Nigeria can utilize, including state-owned enterprises, real estate, and infrastructure. He suggested that the government should establish the market value of these assets and use them as collateral to attract investment, thereby unlocking their potential.
While commending the Central Bank of Nigeria (CBN) for its efforts in stabilizing the foreign exchange market, Teriba expressed concern over the persistent exchange rate volatility. He attributed this to inadequate external reserves and urged the government to prioritize building reserves that can support a trillion-dollar economy.
In his words, “Nigeria must shift its focus from income to assets to achieve sustainable economic growth.”
Teriba’s call to action comes as Nigeria’s economy faces significant challenges, including a decline in GDP and a heavy reliance on oil exports. The government has announced plans to diversify the economy and attract foreign investment, but experts say more needs to be done to address the country’s economic woes.
In Essence:
Ayo Teriba’s remarks highlight the need for Nigeria to adopt a new economic strategy that leverages its national assets to drive growth and attract foreign investment.
