Provide enabling environment for domestic, foreign investments – Don urges governments

LAGOS (Sundiata Post) – A Professor of Development and Economic Studies, Ibrahim Bakare, has urged governments to provide a friendly and attractive business environment to promote domestic and foreign investments.

Bakare, who lectures at the Department of Economics, Faculty of Social Sciences, Lagos State University (LASU), made the appeal at LASU’s 96th Inaugural Lecture, on Tuesday.

The inaugural lecture had the theme: ‘Forlorn Hope in an Uncertain Economy: Navigating the Gap that Optimally Fits Nigeria’s Development Trajectory’.“

The state must help local/private companies to become more financially stable by offering those dependable loans, single digit interest rates for investors and a strong financial support network.“

This will support micro, small and medium-sized businesses to develop their concepts and have a major economic impact on Nigeria.“

For Nigeria to turn the lost years of its development path into economic success, we need excellent leadership in all areas of life,” Bakare said.

He added that tackling poverty in Nigeria was a multi-stakeholder project due to its dimensions and intensity.“

Though efforts should be directed toward rural-urban poverty and regional interventions that might be required,

governments should encourage both local and foreign investments in agricultural programmes through value chain processes,” he said. urged that agriculture should be made more profitable,

innovative and a geometric jobs provider to rural people.“In tackling urban poverty, one strategy is to build a secure,

reliable and robust relationship between cities and rural areas through facilitation of product exchanges,”

Bakare said, that in addressing inequality, the government must fairly, responsively and transparently tax the incomes and wealth of the rich as a strategy for income re-distribution and poverty alleviation.“

This approach will guarantee fairness in Nigeria’s tax system and reduce both tax evasion and tax avoidance by the wealthy people,” Bakare said.(NAN)