Tuesday, April 11, 2017 6.00pm/Proshare WebTV
Exactly a week after the launch of the Economic Recovery and Growth Plan (ERGP) by President Muhammadu Buhari, stakeholders in the financial market and economy explored ways of financing Nigeria’s economic recovery from the current recession, at the 2nd annual lecture at the Centre for Financial Journalism in Lagos.
It also brought together notable journalists and analysts in the financial market space with Professor Olu Ajakaiye former Director-General of the Nigerian Institute of Economic Research as the keynote speaker.
Giving his lecture, Prof Ajakaiye reminded stakeholders that Nigeria’s economy was already in a “Stagflation” state, with the recession and high inflation levels.
He noted that the ERGP had as its major focus restoring growth, investing in people(human capital development) and building a globally competitive economy.
The economist also identified the fact that the plan envisaged 21 programmes, 60 strategies and 265 key activities with designated lead stakeholders to drive the process.
Looking at the plan, Prof Ajakaiye said all of the Federal Government investment will be funded through borrowing, raising the need for a deficit financing that comes at a low cost.
Options given by the scholar for the financing of the economic recovery plan include the following; a robust tax system, strategic public-private partnership models, remittances & diaspora bonds and co-financing agreements with pension funds and foreign direct investments.
Dr Abiodun Adedipe an economist, who was a panelist at the lecture harped on the need for clear incentives from the ERGP, that will woo the private sector and also made a strong case for the safety of investments in the country.
Mrs Ibim Semenitari a seasoned journalist and former Ag MD of the Niger-Delta Development Commission (NDDC), called for transparency from the government in the implementation of the ERGP.
In his own intervention Mr Olufemi Awoyemi CEO of Proshare was of the opinion that the ERGP needed more clarity in terms of total cost, clear targets and the end-game in how it will transform the economy. He said beyond the launch there was need for a robust roll-out plan to engage investors.