“As long as we diversify, we would be able to strengthen the Naira.” Naira Recession Nigeria
To cushion the effect of the recession, they advised, incentives and initiatives should be put in place to attract domestic private sector investments and Foreign Direct Investments .
Managing Director and Chief Executive Officer, Stanbic IBTC Bank, Dr. Demola Sogunle, said Nigerians needed to be merchants of hope while appealing to fiscal authorities to explore initiatives that would attract domestic investment and also FDIs. Sogunle said government’s idle assets should be properly utilised and the oil subsidy backed by law, so that such decision is not reversed all the time.
He advised that the government should launch fiscal policy supports targeted at the SMEs and find innovative ways to start investing in the nations creative industry, analysts, big data, and artificial intelligence specialists, among others. Chief Economist/Director Research and International Cooperation, Afrexim Bank, Dr. Hippolytee Fofack, stressed that most economic crises that has affected African countries were exogenous. For instance, the 2008/2009 financial crisis indicated that Africa has been at the receiving end of global shocks.
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