Thursday, June 30, 2022

Jack-Rich warns of economic crisis post 2023 elections

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Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or www.facebook.com/ibrahim.ramalana, or @McRamalan on Twitter.
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An All Progressives Congress, APC, presidential aspirant for the 2023 general elections, Tein Jack-Rich, has warned that 2023 would be a tough year economically if some urgent steps were not taken to forestall the crisis.

Mr Jack-Rich, in a statement weekend, called on those in positions of authority to brace up for the challenges, advising that on indigenous capacity development would be the answer.

He said: ”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.

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”There will also be inconsistencies in market growth forecasts, GDP contraction, foreign reserve depletion and much more.

The oil mogul, however, said there could be solutions if Nigeria would take advantage of ”the low hanging fruits”.

According to him, strategic solutions that include promoting massive employment windows, activating microeconomic components and opening up new economic pipelines would do the magic.

He also listed the establishment of hotspots, driven by organic and competitive private sector growth, which he said would increase productivity across the economy.

Mr Jack-Rich noted that this model would in turn reduce capital flight and realise the balance of trade, as well as stabilise consumer prices.

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”Mitigates 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 2023 leadership must understand these issues and keep their eyes on changing economic numbers, and how these indices will affect emerging economies with high import dependency like Africa,” Mr Jack-Rich said.

The philanthropist, therefore, called for consideration of these recommendations and other immediate actions that would steer the economy away from possible crisis.

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