Don’t devalue naira further – Trust economists
The Daily Trust Board of Economists has called on the President Muhammadu Buhari’s government to constitute immediately a robust economic team that will come up with a robust agenda for the country.
The economists also urged the government to be cautious in further devaluation of the local currency - naira as it “is likely to do more damage to the Nigerian economy for now, chiefly because it will be inimical to the goal of economic diversification” especially on rapidly industrializing the economy.
Rising from its sixth meeting held in Abuja, recently the Board in its six-point resolutions urged the government to hasten the formation of its economic team and coming up with a robust economic agenda. “Now that ministers have been nominated and cleared by the Senate, we believe that this should be put in place in a short while,” it said.
In a statement signed by its Acting Chairman, Prof. Ode Ojowu, the eight-man board commended the government of President Muhammadu Buhari on the valiant efforts made to curb corruption. It lauded the Treasury Single Account policy and other initiatives which it said will tackle further acts of corruption.
While expressing confidence in the government so far, the board noted that poverty reduction is sacrosanct for the Nigerian populace, saying a dive at agricultural sector revolution “seems the lowest hanging fruit for government to harness its goals.”
Other resolutions made at the meeting are providing an intervention fund around the 41 items facing Foreign Exchange restrictions, for local entrepreneurs to rapidly substitute imports; and that government should explore avenues within the World Trade Organisation, by which countries that import from Nigeria can come to assist us in setting up product standardization apparatus.
Members of the board in attendance are Prof. Mike Kwanashie, Dr Muhammed Muttaqa Usman, Malam Sanusi Abubakar and Tope Fasua.
Others are Isiaq Ajibola, Hussaini Abdulrahaman, Mannir Dan-Ali and Shuaibu Abdullahi.