Business News of Tuesday, 11 February 2025

Source: www.thenationonlineng.net

'Policy overhaul needed for $1tr economy' - Segun Musa

Chairman/CEO of General Transport Policy (GTP), Dr. Segun Musa Chairman/CEO of General Transport Policy (GTP), Dr. Segun Musa

Chairman/CEO of General Transport Policy (GTP), Dr. Segun Musa, has elaborated on the role of the National Single Window system in achieving President Bola Tinubu’s lofty goal of a $1 trillion economy.

He emphasized that while the platform is a vital tool for economic and security synergy, it is not, in itself, the solution to Nigeria’s economic transformation. Musa described the Single Window as a one-stop platform where all economic and security actors are integrated.

“It ensures that everyone takes merit for their contributions because whatever you achieve must be connected”, he explained. However, he noted that the system is currently underutilized because government agencies operate in silos.

“Right now, everyone is on their own. Everybody wants to take credit individually. But the Single Window is about synergy,” he said.

While acknowledging that the platform can improve economic processes, Musa was clear that it is not a magic bullet for economic growth. “The real question is: What will build a $1 trillion economy? The simple answer is political will and a complete shift in economic policy,” he stated.

Musa, who is also the National Vice President of the Association of Government Approved Freight Forwarders (NAGAFF), argued that Nigeria’s current economic policies are counterproductive and incapable of achieving real growth. He was particularly critical of excessive taxation, which he described as an obstacle rather than an enabler.

“Taxes do not build an economy; they kill it. It is only governments that cannot tax the brain that tax businesses and citizens. Taxation is the laziest way to make money, especially when it becomes multiple taxation,” he asserted.

He stressed that for sustainable economic growth, the government must create an enabling environment where people are willing to contribute rather than being forced through excessive taxation.

“The policies we have today are stifling businesses instead of fostering growth. They are theoretical—far removed from reality. Without a barometer to measure their impact, they remain mere hypotheses,” he said.

As one of the pioneer non-state actors of the Single Window, Musa expressed concerns over the choice of government agencies overseeing the platform. He recalled that the Federal Inland Revenue Service (FIRS) was given the responsibility, but he believes a more transparent approach is needed.

“What we have proposed to the government is a committee of both state and non-state actors with the highest level of integrity. This is the only way we can convince the international community that we are serious,” he noted.

According to him, global investors scrutinise the agencies managing such platforms. If they detect any credibility issues, they will lose interest.

“In developed economies, questionable agencies check each other, while reputable non-state actors are included because they have a stake. If anything goes wrong, it affects their investments,” he explained.

He suggested that prominent business figures like Femi Otedola, Mike Adenuga, and Aliko Dangote should be involved in the oversight process, as they have a vested interest in the country’s economic stability.

“What would you want to bribe them with? And they would not want to have anything to do with the integrity of their business empire. That’s how to put checks in place,” he argued.

Musa also pointed out a widely overlooked fact: the Single Window system is more of a security tool than an economic one.

“People don’t realise that Single Window addresses security more than the economy. It is a center point of synergy. That’s the real purpose of Single Window – to integrate efforts across security and economic sectors,” he explained.

He reiterated that without a proper governance structure that includes both state and non-state actors, the system will not function effectively.

“The world has moved beyond rhetoric. If we want a $1 trillion economy, we must embrace accountability, deter corruption, and ensure synergy across all sectors. Single Window can be a part of the solution, but it is not the foundation of economic growth,” he concluded.