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NESG submits reports on achieving resilient economic growth in 2021, says exchange rate unification by CBN is key.
In order to achieve full economic recovery after the 2020 pandemic, oil price crash and recession which like most other countries, Nigeria also witnessed, it is imperative that the Federal Government focus on sound economic policies.
This would help it to push back the macro-economic headwinds and get on a trajectory of high, sustained, inclusive and resilient economic growth.
During its 2020 and 26th summit, Nigerian Economic Summit Group, NESG listed some of the ares that require reforms and strong policies to ensure a resilent economic recovery.
- Achieving macroeconomic stability
- Unifying foreign exchange rates into a single, market-driven window.
- Accelerate progress in meeting the SDGs by 2030 – education, health, inequality and poverty
- Unlock sub-national competitiveness
- Increase private sector participation.
- empower the Nigerian youth
- Focus on attracting foreign investment
- Reform of the petroleum industry
- Scale-up public investment in the social sector especially pro-poor investment
Exchange rate unification by CBN
The report by NESG states that achieving resilient economic growth will require restoring macro-economic stability, allowing greater flexibility and unification of foreign exchange rates into a single market-driven window.
- FG not adopting flexible foreign exchange rate or NAFEX – CBN
- The Parallel Market Should Not Determine Naira Exchange Rate – CBN
In addition to that, ensuring better policy coordination, aggressively focusing on attracting foreign direct investments, embarking on petroleum industry reform through the passage and assent of Petroleum Industry Bill, PIB.
- Highlights Of The Development Trust Fund For Niger Delta In The Petroleum Industry Bill (PIB)
- PIB: Timipre Sylva says dis-functional refineries one of the reasons for subsidies
Efforts by the FG to sustain the economy in 2020, includes cutting down the 2021 budget. More so, it provided COVID-19 intervention fund of 500 billion to mitigate the impact of the pandemic to the economy.
However, it is important for a more collaborative framework on fiscal and monetary policies that restores growth in output. A strong handle on price stability and inflation, an improved business environment that will attract foreign direct investment need more efforts.
