Coordination of Nigeria's Fiscal and Monetary Policies will Attract More FDIs - Laoye Jaiyeola

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Monday, October 25, 2021 / 1:03 PM / Ottoabasi Abasiekong for WebTV / Header Image Credit: WebTV

 

Nigeria needs an alignment in its fiscal and monetary policies to attract more local and foreign direct investments, which can unlock economic opportunities. The CEO of the Nigerian Economic Summit Group, NESG, Mr. Laoye Jaiyeola, made this point while speaking on "NESG And The Advocacy For an Inclusive Nigerian Economy".

 

He decried that the nation has not achieved much in a robust monetary policy, as the issues of liquidity in the foreign exchange management persist alongside multiple exchange rates.

 

Mr. Jaiyeola called on the Federal Government to open its economic management strategy, which will provide clarity for investors and achieve an effective public-private sector partnership.

 

In the advocacy role played in the actualization of the Petroleum Industry Act, PIA, the NESG CEO it was a welcome development for the Oil and Gas industry. He called for transparency in the industry, especially with incorporating the state-oil company the Nigeria National Petroleum Corporation, NNPC.

 

For the business environment, he acknowledged the efforts of NESG, which led to the signing of the CAMA Act 2020, but stated that socio-economic issues like insecurity, epileptic power supply and the multiplicity of tariffs must be addressed.


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He believed that for the nation to move forward, the mutual distrust between the public and private sector will have to be reduced drastically to enable strategic partnerships for socio-economic development.

 

"The public sector looks at the private sector and says they are coming to take our commonwealth, while the private sector looks at the public sector and believes that they are just stealing our money. We need to go beyond that mutual distrust", he added.

 

Jaiyeola believed that it would take an "elite consensus" to lead Nigeria on the path of economic stability, through effective social safety nets, access to basic education and pragmatic poverty alleviation measures.


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