Economist and Director-General West African Institute for Economic Management(WAIFEM) Professor Akpan Hogan Ekpo has asserted that Better Macro-economic management, will facilitate Nigeria’s recovery from recession and stimulate economic growth in the country.
Prof Ekpo stated this as the keynote speaker at the 3rd Chartered Institute of Bankers of Nigeria(CIBN) economic outlook for 2017, hosted in partnership with economic and research group Biodun Adedipe and Associates.
He said with the growth projections by international financial institutions(World Bank, IMF) that Nigeria will come out from the recession in 2017 ,the possibility hinged on an 80% implementation of the proposed 2017 budget.
The former University Vice Chancellor speaking further stressed that it will take the visible hand of the government to steer Nigeria from the current economic downturn, signalling the need for effective fiscal policies.
Assessing the state of the Nigerian economy, Ekpo noted that the deep recession (-2.24% Q3,2016 GDP report) was dangerous for the country and urged policy makers to take necessary steps to avoid a depression.
As a former Non-Executive Board member of the Central Bank of Nigeria, Prof Ekpo was concerned about the wide margin between the official and parallel market rates in the foreign exchange market, tasking the monetary policy authorities to address the development.
Giving the outlook for businesses in 2017, the scholar advised business leaders to embrace innovation, explore policy opportunities in the 2017 budget and align with the #MadeInNigeria agenda of the government.
He also harped on the need for the current administration to deal with the issues of delay in policy implementation, which was crucial to socio-economic stability even as there should be effective coordination between the fiscal and monetary policies in the country.
In a brief presentation on the economic outlook for 2017, Dr Abiodun Adedipe an economist identified mono-culture, continuos consumption, rigidities, leakages and inefficiency as the reasons why Nigerians experienced the recession.
For 2017, Dr Adedipe said the Budget showed great intention by the government to spend an invest in the economy,but stressed that it will take accountability and good governance for Nigeria to experience, to experience a turnaround through policies.
President of the Chartered Institute of Bankers of Nigeria (CIBN) Prof Segun Ajibola in his opening address described the the CIBN economic outlook discourse, as an avenue for experts and scholars to exchange ideas, articulate and chart a pathway for the Nigerian economy/business environment in 2017.