Nigerian entrepreneur and investment banker, Atedo Peterside, has advised the Federal Government to make the economy attractive for foreign investors.
Speaking during an appearance on Channels Television, he berated the government for failing to translate rising revenues into better living conditions for citizens.
He expressed concern that Nigeria’s economic structure increasingly benefits a small elite.
He said, “The government is supposed to be doing a whole series of things to make the economy more attractive for investors. You have to make sure investors are getting confidence.
“What I see increasingly is that this economy only works for a few people. If we’re not careful, GDP will grow, but income distribution will worsen, with the very rich getting richer and the poor getting poorer.”
The ANAP Foundation founder warned that many Nigerians were being pushed into poverty daily due to reduced purchasing power and weak disposable income.
Peterside said it was not enough to record GDP growth when millions remain trapped in poverty.
“The purpose of all this was to improve the livelihoods of 220 million Nigerians. It’s not enough to just achieve GDP growth when the very rich get richer and the poor get poorer,” he said.
He dismissed claims that government spending was responsible for inflation, noting that both state and local governments have seen increased allocations but are failing to use them effectively.
“There’s no inflation created by spending money that you have. Inflation comes when you’re printing money without resources.
“State governments have more money. LGAs have more money. But instead of improving lives, the money is being captured by the elites. Each time the president travels, about 400 people take vehicles from all over the place, burning fuel to accompany him,” he lamented.
The investment banker said the government had abandoned the Oronsaye Report, which recommended streamlining agencies and cutting waste.
“In 2012, when we discussed removing fuel subsidy, there was also talk about implementing the Oronsaye report and reducing waste,” he recalled. “Here, the government pays lip service to the report and disappears. They go and spend the money lavishly.”
He urged leaders to eliminate wasteful spending and channel funds into productive sectors.
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