Create a sound macroeconomic environment to stimulate economic growth, Experts charge Govt
Experts in the financial industry have called on the federal and state governments to continue creating a sound macroeconomic environment to stimulate strong economic growth.
The experts, who spoke at the 2019 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN), in Lagos noted that government at levels must provide an enabling environment for businesses to thrive.
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The Guest Speaker, Director General, West African Institute for Financial and Economic Management (WAIFEM), Mr Baba Yusuf Musa, while speaking on the theme, ‘Nigeria’s Emerging New Economy: Opportunities, Challenges and Prospects’, stated that 60 per cent of the Nigerian population falls under workable individuals, which can transform to increased investment, economic growth and development through a strong labour force, if government provides the enabling environment.
Government investment in education/training and capacity building, according to him, has reduced the level of the uneducated and increased the capacity of about 60 per cent of Nigerian citizens which can translate to economic growth and development.
Stating that Nigeria has the second-largest remittances after Japan, he added that this has a way of increasing economic agents’ confidence, which can later translate to exchange rate stability and increase in output through increased investment.
“Fiscal and monetary policy coordination should continue in order to ease inflationary pressures with declining interest rates. The private sector has to respond positively to the government’s development programmes and the improved business environment,” he said.
Government and the private sector, he suggested, must collaborate for the development of the manufacturing sector of the country, noting that it is important to have a transformational leadership and followership that is alert, asking relevant questions and demanding answers from the leadership.
Earlier, Former Secretary-General, Commonwealth of Nations, Chief Emeka Anyaoku, urged the country to look internally to address its economic challenges while applauding the recent step was taken by the federal government to close its land borders, a development, he said, will grow Nigeria’s agriculture and agro-allied industries, hence, leading to economic growth.
“This development will generate more Internally Generated Revenue(IGR) to fund government operations, create jobs and reducing poverty in the process. Federal and State Governments must also collaborate to grow the economy by supporting the economic actors and players,” he pointed out.
Meanwhile, the President, CIBN, Mr Uche Olowu said, 218 accomplished bankers, comprising of 122 Elected Fellows, 82 Honourary Senior Members and 14 Honorary Fellows, were awarded.
While congratulating the awardees, he urged them to make marks in various endeavours of life and have their footprints in the sands of time.
Addressing the awardees, he said: “Therefore, as worthy role models and Brand Ambassadors of CIBN, our charge to you all is to uphold ethical conduct and professional values while helping to raise the brand equity of our highly revered Institute and the banking profession as a whole.”
The Investiture, he stressed, is the flagship programme of the institute where deserving professionals who have made significant contributions to the banking and the finance sector and the economy as a whole are elected or awarded the Fellowship of the Institute which is the highest cadre of membership.
