We want to lower forex imbalances, reduce interest rates – Osinbajo

The Vice President, Professor Yemi Osinbajo, has stated that the immediate tasks of the present administration is to reduce fiscal, forex imbalances, lower interest rates and increasing lending to the real sector of the economy to achieve rapid economic growth.

Osinbajo, noted that other tasks under immediate priority includes boosting dollar liquidity, curbing inflation and increasing Foreign Direct Investments (FDIs) by sustaining enabling enabling policies aimed at encouraging Public Private Partnerships (PPPs) and organising collaborative engagements with the private sector to deepen the nation’s diversification efforts to create jobs directly and indirectly inorder to alleviate poverty in the country.

The Vice President who spoke during a presidential dialogue session organised by the Lagos Chamber of Commerce and Industry ( LCCI), stressed that,”‎These challenges are significant, but the opportunities to get it right are even more significant. For us, the focus is steadfastness and consistency to achieve economic growth. ‎The government is committed to engaging the private sector in line with what is considered best practices.”

He pointed out that the nation’s Gross Domestic Product ( GDP) declined from 6.3 per cent in 2014 to 2.15 per cent ‎in 2015, saying that as at 1st quarter in 2016, GDP stood at -.36 per cent, adding that FDI as at 1st quarter in 2015 stood at ‎$395 million, declined to $175 million in the first quarter of 2016, maintaining that values of equities have also declined.

He said that as at May 2016, market capitalisation stood to about $48 billion down from ‎$84 billion recorded in 2014 while inflation is about 16.5 per cent, explaining that to tackle these challenges, the federal government undertook some specific interventions reflected in the 2016 budget.

He noted that to safeguard jobs and prevent further increases in unemployment, the present administration priortised attention to assisting States and Local governments in paying of salaries of workers.