Nigeria must dramatically trim costs, instead of justifying huge expenditure; this is according to Professor Pat Utomi, a scholar in Political Economy.
He warned politicians against a bloated government and setting up institutions that strain government coffers.
Nigeria is facing economic challenges at a time when the International Monetary Fund (IMF) says global growth could be derailed over the next two years.
The challenges with global growth are strained by the huge fall in global commodity prices and rising US interest rates.
Nigeria has been highly dependent on oil revenue, a challenge that has been persisting for over the past decades. Utomi says this requires urgent attention and solutions that will hedge the country against oil price volatility.
The IMF has since urged policymakers around the world to think of short term resilience measures.
“This topic has been on the limelight for some time now, repositioning Nigeria to be not so dependent to the volatility in the oil markets,” Utomi added.
“I think there must be a consciousness that there are structural issues that we must deal with once and for all and not take it as one of the many blips.”
He also called the country to explore sectors that have not been explored to the limits such as culture sector and agriculture among others.
“If we are properly focused and energise value chains in sectors such as agriculture and culture sectors. The culture sector presents opportunities in motion picture and Nollywood currently facing challenges to do with copyright and corruption,” he said.
He also attacked authorities who abuse powers invested in them to bully players.
“One of the biggest challenges in Nigeria is regulatory risk; there is a culture especially among uniformed forces that use authority to bully players in respective sectors.”