The recent predictions and Action Plan submitted by the Osinbajo-led, Economic Sustainability Committee, to President Buhari, also mentioned that Nigeria’s Gross Domestic Product may fall between -4.40 per cent and -8.91 per cent. Nigeria Poverty
by the end of 2020, if the country failed to take proactive measures, many experts and employers acknowledged that the reality had just dawned on the leaders and limits of propaganda reached.
They argued that averting the crisis required a practical, focused and strategic recovery plan involving organised businesses, sincerity on the side of government, and commitment to genuinely see some proffered solutions yield results rather than as conduits for more corruption. Olawale further called on government to reduce the cost of governance, by cutting down administrative costs, and prioritising the most effective developmental programmes, as this will free up more money for infrastructural spending, and the build-up of fiscal buffers to improve the country’s resilience.
“The Monetary Policy Committee should consider further reduction of the Monetary Policy Rate , in order to provide more liquidity in the economy. Corroborating Olawale, the Director-General, Lagos Chamber of Commerce and Industry , Muda Yusuf, who canvassed three critical factors to drive economic diversification, hinged on the quality of infrastructure, the quality of policies, and the quality of institutions.
Similarly, the Deputy General Secretary, United Labour Congress , Chris Onyeka, decried that the nation’s developmental challenges are many and varied, and are not about to go away by waving a magic wand.
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