By Emmanuel Afonne
Mr Tein Jack-Rich, one of the presidential aspirants in the just=concluded national convention of the All Progressives Congress (APC), has called for urgent action to solve the current economic challenges in the country.
Jack-Rich made the call in a statement issued in Abuja on Sunday as activities for the current fiscal year hots up and the fact that the year 2022 had already been spent halfway.
He said 2023 would be a tough year if some urgent steps were not taken in the remaining part of this year to reposition the economic for the needed development.
“I want those in positions of authority to brace up for the coming challenges.
“Truly, next year will be tougher, economy wise, due to concerns of global supply chain disruptions, persistent COVID-19 lockdowns that will impact production channels, euro zone geopolitical crisis and more.
“These challenges will expose the vulnerability of the economy in 2023 to issues such as higher inflation, economic tension, massive unemployment, increased social unrest and turbulence in currency management.
“There will also be inconsistencies in market growth forecasts, GDP contraction, foreign reserve depletion and much more,” he said.
He, however, said there could be solutions if Nigeria would take advantage of ”the low hanging fruits”.
According to him, the “low hanging fruits” are strategic solutions that include promoting massive employment windows, activating microeconomic components and opening up new economic pipelines.
He also listed the establishment of hotspots, driven by organic and competitive private sector growth, as the other solutions to be harnessed.
He said these factors would increase productivity in the economy across the country.
Jack-Rich noted that these strategies would in turn reduce capital flight and realise balance of trade, as well as stabilise consumer prices.
“Mitigants should be activated to avoid being found on the brink.
“Any policy misstep next year will plunge the economy into depression.
“I am concerned that the country’s leadership from 2023 must understand these issues and keep their eyes on changing economic numbers.
“They should also ensure these indices affect emerging economies with high import dependency like Africa,” he said.
The philanthropist therefore called for consideration of these recommendations and other immediate actions that would steer the economy away from possible crisis.