Daily Trust economists task FG on revenue generation, employment
country mainly arising from insecurity in many parts of the country that discourages many Nigerians from going to the farm. Food inflation is equally related to low importation of food and the protracted closure of the nation’s borders.”
It also said the increases in electricity tariffs and petrol prices, would impact both inflation and food prices.
The Board therefore advised the government to channel interventions to keep food prices within the reach of low-income earners, but commensurate so as not to discourage local production.
The economists also backed the full deregulation of the petroleum sector as it noted in July 2020, calling for incentives to promote local production of petroleum products, especially through modular refineries.
To strengthen the naira, it said the government must boost local production and export capacity. It attributed the fall in naira to over dependence on import and high reliance on oil revenues.
“Interventions in currency management by the CBN as it is presently, is unsustainable, hence Nigeria needs to focus on increasing domestic productivity with value addition.”
In the meantime, it recommended a ‘Managed Floating’ regime, whereby the Naira is allowed to find its true value with timely intervention by CBN to avoid any speculative demand that will distort the market.
On President Muhammadu Buhari’s new nine Priority Areas, it said: “The current process of developing Medium Term National Development Plan 20212025 and Nigeria Agenda 2050, should be ramped up, and need to incorporate international and regional development priorities, but adopted to Nigeria’s peculiarity and needs.”
The Board also advised state governments to actively promote the new development plan for an allinclusive impact on the quality of life for Nigerians.