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Monetary Policy as Tool for Economic Recovery
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Analysts Seek Measures to Boost Local Production, Exports
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By James Emejo in Abuja and Nume Ekeghe in Lagos
Analysts yesterday threw their weights behind the recent recommendation by the Presidential Economic Advisory Council (PEAC) to President Muhammadu Buhari for an end to fuel subsidy.
They said in separate interviews with THISDAY that petrol subsidy removal was long overdue.
The analysts described the state of the Nigerian economy as currently weak, adding that this could be worsened by payment of subsidy claims, especially given the malpractices surrounding previous disbursements.
The analysts added that subsidy created a distortion in the economy, leading to “spurious payments or in the current situation, so-called under-recovery.”
Opening Business
The government must ensure that the right investment policies are created and clear all obstacles towards ensuring that both local and international investors donât just express passing interest in the economy but back investment announcements with action. James Emejo writes
Executive Secretary, Nigerian Investment Promotion Commission, Ms Yewande Sadiku, recently at the quarterly media interactive session, stated that investors had shown their willingness to invest a total of $8.41 billion in various sectors of the economy during the first quarter of year.
The revelation is particularly exciting, given the dearth of foreign portfolio inflows in recent times, as the impact of the COVID-19 pandemic takes its toll on global and domestic economies.
But for the timely intervention of the Central Bank for Nigeria in the avoidable board squabbles at First Bank of Nigeria, the relative confidence and stability observed in the banking system in recent times would have been seriously shaken. James Emejo writes
It all began with the news that the erstwhile Board of Directors of First Bank of Nigeria Limited, which was chaired by Mrs. Ibukun Awosika, had approved the appointment of Mr. Gbenga Shobo to succeed Mr. Adesola Adeduntan as the new Managing Director/Chief Executive of the bank.
Adeduntan was ousted after leading the bank since January 2016, but when still within the term limit of his tenure, which is due to expire in December this year.
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