Nigerian Govt Advised on Monetary, Fiscal Policy Alignment

Some experts have suggested the federal government require steps to avoid the relapse of the economy into recession.......



They gave the recommendation in lagos on weekday whereas reviewing the state of the economy on the occasion of Nigeria’s 58th independence anniversary.
Dr Samuel Nzekwe, a former President of Association of National Accountants of Nigeria (ANAN), advised the federal government to align business and financial policies to draw in investments into the country.
The same this became imperative since the central bank of Nigeria (CBN) had warned that the country may relapse into recession.
The same that that foreign investors would solely invest within the economy if the business surroundings was contributory.
The CBN Governor, Mr. Godwin Emefiele, same when the Financial Policy Committee (MPC) meeting on Sept. 25 that the economy may relapse into recession if bound steps weren't taken. Emefiele attributed this to the slow growth of the Gross Domestic Product (GDP).
An economy is claimed to be in recession when getting for 2 consecutive quarters. The economy slipped into recession in 2016.
It declined to one.5 per cent within the second quarter of 2018 from one.95 per cent within the half-moon. Nzekwe same that government ought to focus a lot of on rising economic indices to draw in foreign investors and boost public-private partnerships.
The same that Nigerians required to be perpetually inspired to consume regionally created and stop their preference for foreign product.
“No country has ever created a good economy by betting on the commercial outputs of alternative nations. “The task of reconstruction the economy is associate assignment for all Nigerians,” he said.
Nzekwe same the last recession ought to have instructed the country to come back up with comprehensive inward-looking policies to spice up native production. The same that the govt. should enhance individual liquidity by outlay sagely on agriculture, infrastructure and stimulating the producing sector.
Mr. Titus Okurounm, a former Director within the Department of Statistics at the CBN, suggested that each federal and state governments ought to borrow from the capital market to finance revenue-yielding capital comes According to him, the government is essential to stopping the recession and revert the economy to the trail of growth.
He same the govt. ought to additionally make sure that the economy wouldn't move into recession by checking inflation and boosting per capita financial gain.
Okurounmu same that reducing per capita debt level, lowering interest rates and guaranteeing contributory atmosphere for business area unit key to avoiding recession.