Thursday, April 16, 2020 /12:00AM / Bukola
Akinyele for WebTV / Header Image Credit: Youtube
Dr. Boniface Chizea an economist and CEO
BIC Consultancy has called on the Federal Government to seize the moment of the
COVID-19 Pandemic, to take critical policy steps like the deregulation of the
petroleum sector. This according to him will open up the Oil and Gas industry
to immense opportunities, that will transform the Nigerian economy.
Speaking on the need at this time of pandemic to
have a central economic management strategy, the economist was of the opinion
that it was good that the government was thinking about the challenges of the
citizens as the pandemic takes its toll on the economy.
According to him, the situation was still in
a flux which would make planning difficult. He suggested that the government
should start thinking ahead as the challenge of forward planning in Nigeria was
obvious.
Speaking on his projection for the economy, he
said, if the lockdown continues the economy would likely tilt into a recession,
even while the inflation rate is still above 12% and domestic interest rate was
equally high.
On the issue of employment openings during the
pandemic, Dr. Chizea said the economy was already shutdown and would need to
reopen before talking about economic activities.
Concerning palliatives, he tasked the federal
government to make provisions for private sector enterprises beyond just the
poor and vulnerable members of society. In some areas, he believed that the
government could step in and provide incentives for the private sector which
will ensure that there are no massive job layoffs. He also called for a
strategic approach to the social intervention fund.
According to the CEO of Frontier Africa Reports,
Mr Boason Omafaye, there was a need for central coordination of COVID-19
economic intervention by both the fiscal and monetary authorities. He said that
the first thing was to commend the president, and his team for listening.
The however noted that there was an urgent need for the central coordination of
all fiscal stimulus efforts, noting that activities and actions need to be
harmonized to achieve optimal impact. He pointed out that the office of the
vice president had shown strong capacity to do things appropriately.
He charged the government to come up
with an education system stimulus package for parents that would enable them
afford schools fees after the pandemic.
Speaking on the virus spread which was now over
one million people globally, Omofaye called on the national emergency
management Agency (NEMA) to operate at a higher level of efficiency and
competence, particularly in the distribution of relief materials
nationwide. He explained further that the agency would be required to manage
the country's strategic food reserve and ensure its national distribution.
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