COMFORT EKELEME
Following the pronouncement that Nigeria is out of recession, Managing Director/ Chief Executive Officer CRC Credit Bureau, Alhaji Ahmed Tunde Poopola, said need to go back to address the building blocks of sustainable, inclusive and rapid economic growth and development.
According to him, now that we are officially out of recession with a fragile Gross Domestic Product (GDP) growth of 0.55per cent in quarter 2, 2017, there is need to get people out of poverty; and get people to work again by creating jobs.In his lecture at the 57th Nigerian Independence anniversary celebration programme organized by the Nigerian Supreme Council for Islamic Affairs (NSCIA) at the conference hall, Abuja maintained that there is need to increase and improve productivity in the country.
“There is the need to mitigate foreign exchange shortfalls and stabilize the foreign exchange rate. We need to provide the required infrastructure and close the gap in infrastructure deficiency. Businesses need to get back to business. The economy requires being stimulated. In other words, we need to set the agenda for inclusive growth and development.
“Diversification of the economy as a solution has almost become a slogan by government after government, but most past governments did not surmount the political will to implement the very fantastic and laudable plans they always put together and unveil. Since my days as an undergraduate in Economics, we as a nation have always talked about structural imbalance, heavy dependence on oil; need to promote exports, import substitution strategy, export-led growth, etc.
“However, a review of our earnings and the composition of the sectoral contributions to the economy/national budget by revenues, reveals that the contribution from oil remain as high as ever,” he said.Speaking further, Popoola noted that managing a post-recession economy requires taking bold and coherent fiscal and monetary policy measures and putting the right people at the helm of affairs.“In the realization of this, and looking beyond the recession to fulfil their campaign promises, the Nigerian government has taken some significant and impactful policies and projects worth commending. First it launched the Economic Recovery and Growth Plan (ERGP) in April 2017, with a vision of sustained inclusive growth.
“The Plan’s broad objectives are to restore growth, invest in people and build a globally competitive economy. The Plan identified five core principles upon which it is based, namely: focus on tackling constraints to growth; leverage on the power of the private sector; promote national cohesion and social inclusion; allow markets to function; and uphold core values. To give measurable meaning to the Plan, five key execution priorities were identified, namely: stabilizing the macroeconomic environment; achieving agriculture and food security; ensuring energy sufficiency (power and petroleum products); improving transportation infrastructure and driving industrialization through focus on small and medium scale enterprises.
“It is clear that the ERGP identified the challenges we face and articulated clear strategies and milestones to put Nigeria on the path of sustained and inclusive growth,” he said.
However, he said the achievement of its vision and objectives would depend on the political will to pursue its execution.“I urge entrepreneurs and Islamic organizations to venture into the establishment of non-interest microfinance banks to promote financial inclusion and make banking services available to millions of Muslims who have been yearning for this”, he stated. Popoola also noted that the post-recession management of the nation’s economy should focus on policies, initiatives, and programmes that would make the nation realize the noble economic objectives enshrined in the constitution to promote the prosperity of individuals and the nation, balanced growth and securing the maximum welfare and happiness of every citizen.
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