A lecturer of Economics at the Ignatius Ajuru University of Education, says the private sector is taking advantage of all loopholes in the polices of the government to make excessive profits. Dr. Edward Nwasurum in an interview with our reporter explained that this pursuit of huge gains adversely impact consumers purchasing power. He told our reporter that in addition to week economic policies, the private sector plays a role in exacerbating the existing economic challenges.
Dr. Edward Nwasurum further explained that, despite the fact that government policies actually affect the private sector investment and development, the private sector take advantage of all policies somersault to make excess profit, and the continuous quest for excessive profit is the major factor that have driven the country into its current economic problem. Dr. Edward Nwasurum however opined that improving infant industry is the only way that the government can be able to go out of this current economic challenges. He said there is need for the substitution of many of the imported commodities with the locally made commodities irrespective of the fact that their qualities and quantities may not be enough.
The lecturer of Economics at the Ignatius Ajuru University of education Dr Edward Nwasurum further stressed the importance of a price control mechanism as a crucial step for the government to address the hike in prices of goods. Explaining that, to go out of this economic challenges, government should ensure that they try to erect policies and programmes that will stimulate local productivity, and also encourage the government of Ahmed Tinubu to ensure that the price control mechanism in this country is functional. Adding that if the price control mechanism and other regulatory body of the federal government of Nigeria are all working optimally, then most of the problems we are having in this country will actually be a thing of the past.
