Some financial experts on Friday said that Nigeria could enhance its economic status, attract more investments by ensuing a conducive business environment to improve its ranking on the global stage.

They said this in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Friday.

Mr Mcantony Dike, former President Chartered Institute of Taxation of Nigeria (CITAN), said that the government could initiate policies that would boost domestic production.

According to him, government policies that support local companies can boost domestic production by encouraging backward integration and reducing reliance on imported inputs.

The authorities can embrace more favourable macroeconomic policies that will enable local companies to effectively grow.

“This will enable them to backward intergrate and reduce their imported production inputs,”Dike said.

He noted that the federal government should fast track the completion of the rehabilitation of the nation’s petrol chemical plants to reduce importation.

“This will enable our country to increase its refined domestic capacity and accelerate self-sufficiency in the sector.

“Then, our economic status will be improved upon and ranked adequately,”Dike said.

Also, Dr Uju Ogubunka, former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN), said the federal government could invest more in key infrastructure so as to develop our domestic economy.

“More budgetary funds must be voted for reliable electricity and non-conventional sources to industralise the country.

“Particularlly, in places that is often categorised as business clusters across the geo political zones,” Ogubunka said.

He noted that the federal government could accord more priority to the agricultural sector, due to the nation’s comparative advantage.

“Besides, the sector has been a major contributor to the country’s Gross Domestic Products (GDP) and it is also a veritable source for raw materials for production purposes.

”Which is quite crucial for our economic growth and development as an emerging economy,” Ogubunka said.

Also, Mr Godwin Anono, President, Standard Shareholders Association of Nigeria(SSAN), has said the government should accelerate economic growth by continuing to improve the country’s business environment.

“This will engender investment confidence and attract more Foreign Direct Investment (FDI) into the domestic economy.

“Then the country’s economy will be ranked apropraitely considering our enormous economic prospects,” Anono said.

NAN reports that the IMF’s World Economic Outlook estimated the country gross domestic product at 253 billion dollars based on current prices this year, behind North African powerhouses Algeria at 267 dollarbillion, Egypt at 348 billion dollars, and South Africa at 373 billion dollars.

The report added that South Africa will remain the continent’s largest economy until Egypt reclaims the mantle in 2027. Nigeria, however, is expected to remain in fourth place for years to come. The data released this week shows. (NAN)