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Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has said Nigerians were wasting their time if they depended on government to manage the economy and liberate them from poverty.
He said any country’s economy solely run and dominated by the government was bound to be inefficient, no matter who runs the government.
Rawane made the assertion at the installation ceremony of the 18th President of Rotary Club of Maryland, Ikeja District 9110 at the weekend, saying many countries were heading into recession due to huge debt incurred by their government because of high-interest rates.
He said private sector-led activities will liberate the economy, create jobs and reduce the burden on the government, if allowed to thrive through the provision of enabling the business environment.
Rewane said by December 2019, the economy would experience slight hardship, as the exchange rate, oil production and Nigeria’s revenue would remain the same, while bank loans would be difficult to access due to the cumbersome conditions.
He also explained that the increase in electricity tariff would spell doom for the country, except the private sector get actively involved in the nation’s economic development.
