Nigeria Needs to Rethink Its Macroeconomic Paradigms By Emphasizing Productivity - Teslim Shitta-Bey
For Nigeria to experience growth and development it must develop an economic model that gives productivity and revenue diversification a front-row seat unhinging the economy from crude oil dependence.
Mr. Teslim Shitta-Bey the Chief Economist/ Managing Editor of Proshare Nigeria made this point as a guest on the 'Economy and Politics' WebTV programme anchored by Ottoabasi Abasiekong which discussed the recently published report 'NESG V CBN: NESG v CBN: Beyond the Battleground - The Need for Facts, Perspective and Resolution'.
Shitta-Bey argued for deeper and broader collaboration between institutions like the Central Bank of Nigeria (CBN) and the Nigeria Economic Summit Group (NESG) on how monetary and fiscal policies should combine to shift the country's development needle forward.
Speaking on the report he noted that it was an opportunity to give a fresh and wider perspective to key issues in the economy which should be of immense concern to the policymakers and private sector, beyond the debate between NESG and the CBN.
He highlighted the grim illusion of a trilemma between Unemployment, Inflation and Exchange rates and restated the need for the country to build big, bold and brilliantly unconventional policy frameworks based on the country's unique economic context. He insisted that governance imperatives were just as important as policy design.