August 20, 2019 / 08:00AM / BukolaAkinyele for Proshare
As the Economic Recovery and Growth Plan, ERGP is less than a year to wrap up its era of implementation, economists and analysts are calling for a broader economic policy that is all-encompassing and geared towards single-digit growth.
Professor Ndubuisi Nwokoma, an Economics lecturer at the University of Lagos, said that the ERGP was an optimistic plan, even though the targets set for various sectors have not been achieved.
He acknowledged the progress in the Agriculture sector but cited the farmers-herders crisis as a challenge for the sector and the food industry.
Government, according to him, needs to align the plan with economic realities.
On his part, the CEO/Chief Economic Strategist, Nextnomics Dr. Temitope Osikoya said the ERGP is a short-term document and stressed the need for Nigeria to develop a longer-term economic framework.
Osikoya highlighted Indonesia as an example of a country that has a long term economic plan spanning 30 years, which is also applicable in major emerging markets like China.
The economist noted that development planning was a key area Nigeria must explore and the nation must move beyond the ERGP, that responded basically to the recovery from recession between 2015 and 2017.
â€œDespite the ERGP what Nigeria needs is proper execution without execution, the country will not be able to move forward,â€ Osikoya noted.
He also added, â€œOver the longer term, the market is very important, but an efficient planning framework is needed to guide citizens and markets as to the directions we want to go over the longer term.â€
The economist called on the government to deal with the issues of security, infrastructure, and investments.
Speaking on the essence of the capital market in financing economic growth, Osikoya said, â€œWe must raise capital to finance infrastructure, we need to gather long term finance to carry out infrastructural growth and industrialization. A frontier capital market shows us what debt underwriting is all about, what equity underwriting is all about, how to raise capital in the market, and how to deploy capital and manage capital very effectivelyâ€.
For Chartered Accountant and Banker, Mr. Kehinde Durosinmi-Etti, what the market needs is growth policies, and this must work in cooperation with the alignments of both fiscal and monetary policy.
â€œThe government should continue in the area of pushing growth reforms that deepen the economy, and also provide clarity and consistency in policy, which is vital to the growth and development of the economy,â€ Durosinmi Etti said.