The Chairman, Zinox Tecnology Limited, Leo Stan-Ekeh, at the weekend, advised President Muhammadu Buhari to convoke a town hall meeting with all the stakeholders in the economy to chart a way out of the economic meltdown.
Speaking with Information Communication Technology (ICT) editors at the Lagos Head Office of the firm, he lamented that companies have been sacking workers in response to the depression in the economy, adding that if the president organises a forum for all stakeholders in the economy to brainstorm, the he will use the forum to appeal to companies to stop the gale of sack going on in the country.
He warned of grave consequences ongoing retrenchment have on the economy as its social implications will be difficult to manage.
According to him, if the president sits with business leaders to change their ostentatious life styles in line with current economic realities, they will listen to him, stressing that the same gesture should be extended to the citizens.
He said: “There is trouble in the global economy and Nigeria as a major player is also not exempted. The country is in very bad shape because entrepreneurs, small and medium enterprises (SMEs) owners and other players in the economy are technically out of business because they cannot access foreign exchange to do their business.
He said the Federal Government could raise $30billion in promissory notes from multinational companies such as Shell, Chevron and others, stressing that the firms will be ready to put the money on the table.
According Stan-Ekeh, when the private sector puts such money on the table, they see themselves as stakeholders in the economy and would monitor how the money is spent because they are also responsible to shareholders whose interest is in returns on investment (RoI).
He lamented that the Nigerian corporate was losing face in the international community, warning that if this continues till March, less than one per cent will still be around.
He urged President Buhari to also tap into the limitless opportunities inherent in the information communications technology (ICT) industry, arguing that the sector has capacity to displace revenue from oil.
He said: “I see a bigger picture, a stronger economy and a path way to economic recovery if President Buhari convokes a meeting with the CEOs and the citizens, appeals to them. “Now, if the president appeals to employers indirectly, he is appealing to shareholders because shareholders are expecting their dividend so they now know that what would have declared at huge profit to make them happy, a percentage will be directed to managing the economy.
“If we continue to sack people, retrench people, the total challenge is more expensive. If there is no Boko Haram, the money spent on Boko Haram would have been used to train people, build infrastructure. So the nation benefits for doing this; when the president appeals, the nation listens.