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How to make economic recovery plan sustainable, by experts

Nigeria economy. PHOTO: buzznigeria.com

Economic expert and members of the Organised Private Sector (OPS) have urged the Federal Government to align its economic policies with projections in the global economy as part of measures to aid the realisation of the Economic Recovery and Growth Plan (ERGP) roadmap.

According to the stakeholders, though the tide in the first half of 2017 is changing and presently favours the nation’s economy as against what was experienced in the comparable period of 2016, efforts need to be made to sustain the gains recorded.

Specifically, they advocated the implementation of actions that will lead to structural shifts across various sectors of the economy in a way such that foreign investment policies are in tandem with the nation’s fiscal and monetary policies.

Speaking at the first breakfast session of the Financial Services Group of the Lagos Chamber of Commerce and Industry (LCCI) in Lagos, yesterday, the keynote speaker and Managing Director of Economic Associates, Dr. Ayo Teriba advocated the creation of foreign exchange buffers to avoid a repetition of another economic crisis.

“Government should implement policies that will encourage long term investments as such action is the only way to stabilise the currency and lead to a drop in inflation. While portfolio funds are necessary, they come with more sentiments.

“We need to think global especially in fashioning government policies by reconnecting to global streams. Open the country, the states and the sectors for massive inflows of foreign investment. We need to also make routine arrangements for recognising and smoothening cyclical swings, as well as make arrangements for identifying and fixing economic misalignments.

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“We need to fix infrastructure to avoid decline in agricultural and real sectors. Connecting routes via the rails and developing right mix of energy are important to the Nigerian economy. Despite the challenges that foreign investments may pose, there are windows of opportunities to exploited”, he added.

LCCI President, Dr Nike Akande, who was represented by the Vice-President, Babatunde Ruwase, sought government’s commitment to the implementation of the ERGP if Nigeria’s economy will become attractive to global investments.

The Chairperson of the LCCI Financial Services Group, Mrs Mojisola Bakare stated that the session was motivated by the launch of the ERGP and to explore private sector responsibilities in making goals of the plan a reality.

According to her, while the economic indices show the gradual exit of the nation from recession, there is a need to sustain the growth to avoid reversal in positive trends.

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