Peoples Redemption Party presidential candidate Donald Duke has called for a broad restructuring of Nigeria’s financial system, arguing that high borrowing costs, rising public debt and inefficient government spending are limiting economic growth.
The former Cross River State governor said businesses could not expand sustainably when interest rates remained at levels approaching the upper thirties.
He argued that Nigeria needed a financial system capable of directing affordable credit toward productive investment.
Duke also criticised the pattern of public expenditure and called for more resources to be channelled into electricity, healthcare, education and the justice system.
He said reliable and affordable energy would provide one of the strongest incentives for increased production and investment.
According to him, stronger economic performance would also require disciplined spending, an efficient tax system and a judiciary capable of resolving disputes credibly and quickly.
Duke said Nigeria possessed enough energy resources to support industrial growth but needed better policy and management to make them available at competitive prices.
On public appointments, he argued that competence and integrity should take precedence over political loyalty after elections.
He said elected governments should recruit the strongest available talent and build institutions capable of surviving changes in political leadership.
The presidential candidate maintained that monetary policy alone could not solve Nigeria’s economic problems.
He called for coordinated reform involving fiscal discipline, reliable power, affordable financing, stronger institutions and a more predictable investment environment.
Duke said those measures would help move the economy away from high costs and weak productivity toward enterprise, capital formation and sustainable expansion.
