Experts in Economics have urged the Federal Government to come up with monetary policies that will strengthen the Naria to save it from continued depreciation, towards addressing the current economic challenges bedeviling the nation.
The Managing Director, Nigerian Infrastructural Bank, Mr. Aro Rasaq, who made the call at the Annual General Meeting and Lecture of the 1988 Economics set of the Ahmadu Bello University ABU, Zaria, yesterday in Abuja, urged the government to give agriculture, education and mineral sector priority attention so as to diversify and address the problem bedeviling the economy. Rasaq urged the government to concentrate on products that it has comparative advantage on to boost its foreign reserves, especially agricultural produce.
He said Nigeria should diversify the economy from oil, saying we don’t need to be solely an oil exporting country to be prosperous.
The managing director urged the federal government should put in place an Economic Management Team that is not partisan but highly professional and a breed without greed towards regaining the economy.
According to him, |”The government should select a team that will be committed and dedicated to the Nigerian Project to assist in designing appropriate economic policies for the country”. He said the economic management team should ensure that export promotion incentives hitherto withdrawn, due to corruption and other vices, be restored cause certain tariffs and bans to be imposed on certain category of items in order to protect the local industries” Adding that, “the team should also implement the Fiscal Responsibility Act to enforce financial discipline, and there is need for incentives to manufacturing firms to promote innovation, local content development, foreign exchange earning potential and employment generation”.
Also speaking, the Department of Economics, Kaduna State University, Dr. Aminu Usman appealed to the Central Bank of Nigeria CBN, to address the recurring policy inconsistencies that characterized foreign exchange management and must be on top of policy issues. Usman said, “CBN should have in place a positive and complementary relationship between the fiscal and monetary policy as this will help in strengthen the nation’s currency”. He advised the government to embark on vigorous campaigns for buying made-in-Nigeria goods to help conserve our foreign exchange reserves and ease the pressure on the Naira.
Buying local materials has the added advantage of alerting the entrepreneurial community of the existence of a gap in the market to be filled.

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