Why tackling recession requires unusual approach, by FG (Read full details)

CBN building

Key officials of the Federal Government have said that Nigeria requires unusual tactics to get out of economic recession.

This was the submission of the Minister of Finance, Mrs. Kemi Adeosun and her Industry, Trade and Investment counterpart, Dr. Okechukwu Enelamah at the two-day Monetary Policy Committee (MPC) retreat organised by the Central Bank of Nigeria (CBN) at its corporate headquarters in Abuja at the weekend.

The retreat, with the theme: “Pathway to Price Stability Conducive to Economic Growth,” Adeosun, maintained that solving current challenges facing the Nigerian economy required unconventional tactics.

According to Adeosun, based on the current realities, the Federal Government would have to borrow more to meet its infrastructural obligation.

The minister, while confirming the presence of a huge number of unbanked Nigerians, whose contributions to the economy are hardly captured, said government must devise ways to bring them into the financial mainstream.

Enelamah, who also as a guest at the retreat, toed the same line, canvassed the need for monetary and fiscal authorities to ensure business and investor confidence. He also stressed policy integrity to improve on the ease of doing business in Nigeria.

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, added that the pathway to lower interest rate was to ensure monetary and fiscal authorities’ collaboration with the private sector.

All these fiscal and monetary policies are capable of pulling the country out of its precarious economic situation, the ministers unanimously maintained.

The CBN Governor Godwin Emefiele, under whose auspices the meeting was convened, reiterated the need for the country’s monetary and fiscal authorities to harmonise standpoints so as to develop the economy rapidly.

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