A petrochemical engineer and retired Deputy Director of the defunct Department of Petroleum Resources, (DPR), Engineer Sunday Adebayo Babalola, yesterday advised President Bola Ahmed Tinubu to create an environment that is good for business.

According to him, the current environment is not good for business. He said improving the business climate is better and more preferable than giving handouts in the name of palliatives.

In an interview with journalists, Babalola who was a one-time governorship aspirant in Kwara State warned President Tinubu to be wary of sycophants in managing the economy.

He said, “Currently, our environment is not good for business. You create facilities that will enable people to do business among which is not the kind of IBB's contraption of Peoples Bank of Nigeria. The current government should establish funds or facilities where people who genuinely need loans can access and at an interest rate that is reasonable.

“He should also work hard to make the naira appreciate. The situation with the forex is not encouraging. The rate of naira to the dollar is very high and very bad. Thank God, Port Harcourt refinery is expectedly going to be on stream soon, and hopefully, the Dangote Refinery will soon be on stream. The government should work on the other refineries and make sure they work.

“The key is that the government should create an enabling environment for the people to do business. That itself will have a ripple effect because if I have a business and I am expanding, I will employ more people. That will reduce unemployment drastically.

“Today, we have about 20 million out-of-school children. With this kind of figure, we are sitting on a keg of gunpowder. Both the people who are in the fortified place and those of us who are among the masses are not safe at all. So, I beg him to try and create an enabling environment. That is actually the way to teach the people to fish instead of giving them fish for one meal.”

While he commended the president for removing subsidy from petrol, which he described as a bold move, the oil and gas expert said, “At the same time, he should find a way of reaching out to the people who are suffering directly to know exactly what is happening in town. It is not even what the masses are asking for. What the people will ask is give us money. That is what they will understand. But know what is happening to them and make a decision on how you are going to help that situation.”