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Outgoing DG of DMO Nwankwo, says next 3 years are critical for Nigeria’s political-economy

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Monday, July 10 8.00am/Proshare WebTV 

The outgoing Director-General of the Debt Management Office of Nigeria, Dr Abraham Nwankwo has warned that the next 3 years (2017-2020), will be critical for Nigeria’s political economy.
 

He made this assertion at a special event by the FMDQ OTC Exchange to honour his stewardship as the DG of the DMO Nigeria for a decade.(July 2007-June 2017) 

Dr  Nwankwo said the Nigerian political class, economic actors and financial market stakeholders and all citizens in the country, must work assiduously to drive a growth-led economic model in the next 3 years. 

In a Q&A session with the MD/CEO of the FMDQ Mr Bola Onadele, Dr Nwankwo called for concerted efforts from the political class to support the economic strategies that will steer Nigeria from the current recession, to the pathway of growth. 

Nwankwo described the current Economic Recovery and Growth Plan (ERGP) of the Federal Government, as a strategic policy framework that can reposition Nigeria’s economy, to growth and stability with the necessary political will and adoption by the private sector. 

According to him Nigeria could risk a socio-economic stability crisis if the next 3 years are not deployed and utilized effectively, to mobilize economic growth and development. 

The economist made a strong case for a clear alignment of purpose between the political class and the key stakeholders in the economy/financial markets. 

He raised concerns that it may be difficult for the Nation, to experience socio-economic transformation in over 2 decades, if it fails to implement growth policies in the next 3 years. 

Nigeria at the moment is in a recession with a Q1, 2017 GDP growth rate of -0.52%, with a high unemployment rate of 14.2%(Q4,2016) and high inflation of 16.25%. 

Some of the leading economists in Nigeria, have called for an inclusive, sustained and sustainable economic growth in the country.  

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