Former Ethiopian Prime Minister Hailemariam Boshe has suggested that Nigeria should adopt micro economic policies, and establish economic freedom for farmers, pastoralists and small entrepreneurs, in order to grow the economy.

He stated this on Monday, in Abuja, at the 27th Nigerian Economic Summit (NES), which attracted local and global decision makers.

“It is important to pay attention to cross border trade, with the coming of the African Continental Free Trade Area (AfCFTA) there must be a fiscal and economic stimulus project”, he said.

Boshe said that a guaranteed future for Nigerians would reflect on the growth and development of the African continent.

He noted that many citizens had lost their sources of livelihoods to the COVID-19 pandemic, increasing insecurity, poverty, as well as non-inclusive growth, which had combined to underscore the urgent need to come together to secure the continent’s future.

Boshe said that considering the happenings in many economies, the theme of the conference was apt, considering the socio-economic challenges that had pervaded African economies.

He said investing in agriculture was very key and had been part of the secret of Ethiopia’s economic success.
Boshe cited the three key efforts that led Ethiopia and its economy to where it is, to include a commitment to accelerate rapid economic growth, agriculture development and industrialization, and strong international partnerships.

He said that successive Ethiopian administrations had set targets of great efforts, especially from 2000 when the economy had a sustained growth rate of 10 per cent per annum, and for any economy that wanted to grow it must set a target of at least seven per cent.

In Nigeria, agriculture had been neglected since independence and this was glaring in the national budget as its allocation was below five per cent, and if the economy must grow, there must be huge investments in agriculture, the former Ethiopian prime minister said.

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“ Nigeria has achieved a lot, I commend successive administrations in Nigeria for their efforts towards uniting the diverse ethnic groups in the country; despite the odds, Nigeria has survived multiple incidences of social unrest and a wide array of insecurity challenges which have threatened the peaceful co-existence of her citizens for more than a decade.

“ Achievements of the Nigerian government can be seen in the giant strides made in infrastructure development, the establishment of the Infrastructure Development Company,

“ On economic policy, I also want to commend the Nigerian government on its role, particularly the deployment of fiscal and monetary stimulus measures that aided economic recovery in the fourth quarter of 2020, after the country was hit by the COVID-19 pandemic, among other achievements,” he said.

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Boshe urged the government to implement the resolution on NES27 and secure the future of its citizens.