The Chief Executive Officer of
He said with dwindling government revenues as a result of declining oil exports following incessant disruption of oil production activities through vandalism and attacks on oil facilities in the
"For the CBN to hold the exchange rate band at all cost within its target band of N150-N160 to the dollar was no longer desirable, given the pricing and real performance indices of the economy," he said.
Reviewing the country's economic progress in cent times,
The external reserves, he said, equally grew marginally to
This, he pointed out, suggest that there is an excess liquidity in the market, with interest rates coming down, in spite of the continued mopping up of liquidity by the Central Bank of
Urging government to emulate
The strategies include either one that is export -led, if the objective is to be competitive with other countries like
He also spoke on fuel subsidy, infrastructure funding gap, electricity tariff regime and oil production and revenue accruals and other economic outlook issues, pointing out that as hard as the CBN may try to maintain the current currency exchange rate band, the imperatives of the domestic and international economic support its adjustment.
He explained that efforts to grow the economy may continue to be undermined if consumption remained low, in spite of the country's huge GDP size, hence the need for policy measures to ensure income redistribution between the rich and the poor in the country.
Though he noted that discussions on the desirability of the removal of fuel subsidy have resurfaced in recent times, he said the signals were that government may not attempt any serious decision on it until after the 2015 elections, considering the likely dire backlash.
He said for
He said now that the country's economy has been re-based, making it possible for the people to know the growth and productive capacity of each sector of the economy, it was obvious that the country has started doing away with stupid things and embracing smart things.
To launch the country on the path of sustained growth and development,
He said every Nigerian, particularly the leaders, needed to take time to tick off their daily appraisal of policies, actions and inactions under the three categories of 'smart', 'stupid' and 'modern' to know the direction of the country's economic growth.
"If at the end of the day we have more stupid things than smart and modern things, then it would become obvious that
In his presentation, the Statistician General of the Federation,
On the rationale of the recent GDP re-basing exercise,
"Re-basing the GDP will enable government to have a better understanding of the structure of the economy, identify the sectoral growth drivers, and where investment and resources should be channeled to grow the economy, create jobs, improve infrastructure and reduce poverty",
On the challenge of ensuring that the country's capital market realized its primary purpose of making medium to long-term funds available to investors to encourage GDP growth, the Statistician General urged the
"As more companies attempt to raise funds from the capital market, more companies would be quoted on the stock exchange, market capitalization and liquidity would expand. As more companies raise funds from the Capital market, it leads to more efficient allocation of resources and adherence to corporate governance guidelines and growth," he said.
He called on
Developing other financial instruments to deepen the participation the capital market, he added, would help in promoting the growth of the country's economy more rapidly.
On its part, he said the NBS would ensure that the country's economic data were updated regularly to give a clearer picture of the economic landscape, identify opportunities for growth and wealth creation and help provide tools for policy makers and investors to take economic decisions to grow the economy.
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