Saturday, March 10, 2018 08:00 AM / Proshare
From the Editor’s Desk
Recently, the International Monetary Fund (IMF) published its report findings on the Nigerian economy, thus making the popular article IV for 2018 available to the public. In this particular edition, there was less focus on quantitative variable like monetary aggregates whereas the fund focused more on the depressed human index and how best to revamp same. After all, with the growing poverty head count in urban areas the fund’s assertion is not far from reality.
Fig 1: Poverty headcount
In specifics, the Fund was more receptive of a pro-poor policy in order to ensure growth percolates to the base of the economic pyramid. Thereby it was not surprising to see that the Fund propagates taxes that are more progressive inclined, while it strived to achieve a sweet spot between quantitative and qualitative indicators, as it held to an inflation centerpiece policy for the monetary end.
In addition, the report proposed a more robust short-term liquidity forecasting structure as a support measure to reduce liquidity risk. The necessity for such operational framework cannot be written off given the fire brigade approach employed by the CBN coupled with the mixed signals it creates. Lastly, the Fund stated that a multi-targeted approach by the monetary policy authorities could make it hard to determine the policy stance and could be cumbersome to explain to the public. Truth be told, the multi-targeted approach is vulnerable policy distraction, regardless such is in the outcome of the exuberance of policymaker themselves. Therefore one must discern whether the call for a multi-targeted approach is out of the exuberance of the policymaker or rather the “growing necessity’’ to address other macro aggregates such as unemployment.
It is thus inevitable to address such macro aggregates or achieve a sweet spot between quantitative and qualitative variables without monetary policy transiting to a more dovish position. Recently the Central bank of Egypt’s action to shave its rate further bolsters our position.
Monday, March 12, 2018
The Global Shea Alliance (GSA) Annual Conference and General Assembly will hold today in Abuja.
Tuesday, March 13, 2018
The National Bureau of Statistics will today release the AGO/Diesel Price, PMS/Petrol, HHK/Kerosene Price and Liquefied Petroleum Gas (cooking gas) Price Watch for February 2018.
The Lagos State Government in partnership with Employment Clinic will today host Employers to a Roundtable Breakfast Meeting on the Lagos Graduate Internship Program, while the Annual Manufacturing & Raw Material Conference & Exhibition commences today.
CRC Credit Bureau will hold its training today on Credit Risk Management for Microfinance Institutions, while the Women in Management and Business (WimBiz) MasterClass on Leadership, Equity & Good Governance commences today.
Phillips Consulting will today hold a Breakfast Roundtable themed “The New Frontier: Organisational Learning in the Digital Age”.
Wednesday, March 14, 2018
The National Bureau of Statistics will today release the Consumer Price Index & Inflation, Report for February 2018, while the Business I-magazine Annual Roundtable will hold today in Lagos.
The 2018 Africa Forum themed “Building Capacity for Efficient Logistics & Transport Services in Africa will hold today in Abuja.
Thursday, March 15, 2018
The National Bureau of Statistics will today release Transport Fare and Selected Food Prices Watch for February 2018.
Friday, March 16, 2018
Transcorp Hotels Plc will hold its Annual General Meeting today in Abuja.
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