Nigeria Economy | |
Nigeria Economy | |
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Wednesday, May 26, 2020 / 10:21 AM /
Ottoabasi Abasiekong for WebTV / Header Image Credit: Derlimited
Nigeria Africa's largest economy must give priority to the
"Development State Economic Model" which is a realistic economic
philosophy for the nation. Professor Akpan Hogan Ekpo an
economist and public policy analyst disclosed this as a guest on the WebTV
"Market Review" program.
The policy analyst asserted that
the "Development State Economic Model" provides the opportunity for
the government to give leadership and direction to the economy, creating the
avenue for the private sector to participate actively in the socio-economic
space.
He cited Rwanda as an example of
how the state plays a critical role in effective policy and strategy, laying
the framework for investments and a vibrant private sector.
"We need a solid and
robust public sector in the country, just like the ones in the period of
1970-1980 which produced the First and Second National Development plans"
he said.
Discussing Nigeria's economic
growth trajectory, Professor Ekpo, believed Nigeria was at the threshold
of taking a defining decision on achieving prosperity and inclusive
growth.
Reviewing the country's recent gross domestic product (GDP) growth
rate of 1.87% for Q1, 2020 the economist
said it was unimpressive but underscored the need for Nigeria to restructure its economy towards
the path of productivity.
While also assessing the current
Economic Recovery and Growth Plan (ERGP) to end by December 2020, he called for a long-term policy agenda that focuses on uplifting
millions of people from poverty.
He stressed that the economic
policy plan even if 30 years, should be broken down into short-term programmes of five(5) year duration for effective implementation.
The anchor of such a plan, according to him, should be a robust Industrialization framework
spanning manufacturing, agro-processing and technology.
Speaking further the scholar, who has
been involved in Nigeria's economic planning for over 3 decades, stressed the
need for policies to be backed by legislation to avoid the spate of
inconsistencies that have characterized previous plans.
In the area of monetary policy
direction, the former member of the Central Bank of Nigeria (CBN) Board, called for
alignment with the fiscal authorities.
He advised the CBN to focus
extensively on its monetary policy role, while he acknowledged that the nation
faces another possible currency devaluation soon.
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