An economist and financial analyst, Steve Omo-West has described as unfortunate a situation in which the present steady growth of the Nigerian economy has not reflected in the lives of average Nigerians.
According to him in an interview with FirstNigeriaTV’s Pauline Chinasa, the Nigerian economy though experiencing moderate stability with a projected GDP growth of about 4%, poverty had persisted amidst high cost of living.
“The removal of fuel subsidy and the institution of market-determined foreign exchange system has enabled appreciable economic stability but still ordinary citizens continue to suffer from the rebounding effects of inflation” he said.
” Since the most important requirement of the average Nigerian is food, governments at the federal and state levels must do all to stop the present lip service to agriculture while grossly and conscientiously supporting the rural farmers with credit in single digit loans, agric machinery, modern storage systems and good transportation networks linking areas of food production to consumption centres”, he added.
Other leverages according to him, include further diversification from petroleum, providing more critical infrastructure and promoting education.
