Jack-Rich Asks Buhari, Others to Prepare for Bleak Economy in 2023

A former presidential aspirant of All Progressives Congress (APC), Mr Tein Jack-Rich yesterday warned that there would be a bleak economy globally in 2023, calling on President Muhammadu Buhari and other government functionaries to prepare ahead of it.

Jack-Rich, President/Founder of Belemaoil Producing Limited, harped on the need for leaders, particularly those who wish to take over the reins of affairs to be proactive and strategic to enable Nigeria to wade through.

He gave the warning in a statement he issued yesterday, observing that it was certain that 2023 would expose the vulnerability of the nation’s economy

He explained that leaders should focus more on initiatives and policy that would promote job creation, export amongst others.

He said: “Truly, next year will be tougher economy wise due to concern of global supply chain disruptions, persistent Covid-19 lockdowns that will impact production channels, euro zone geopolitical crisis and more.

“These challenges will expose the vulnerability of the economy in 2023 to issues such as higher inflation, economic tension, massive unemployment, increased social unrest, turbulence in currency management, inconsistencies in market growth forecasts, GDP contraction, foreign reserve depletion and much more”.

According to him, mitigants should be activated to avoid being found on the brink, adding that any policy misstep next year will plunge the economy into depression.

“I am concerned that 2023 leadership must understand these issues and keep their eyes on changing economic numbers, and how these indices will affect emerging economies with high import dependency like Africa.

“What should be our hedge as a Country are the low hanging fruits which are immediate actions that will steer the economy away from possible crisis.

“These Strategic solutions include: Promoting massive employment windows, activating microeconomic components, opening up new economic pipelines, and establishing hotspots driven by organic and competitive private sector growth.

“This model will increase productivity across the economy which will in turn reduce capital flight, in order to realise balance of trade and stabilise consumer prices,” the presidential aspirant explained.

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