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EXCLUSIVE: Northern senators move against Akpabio over alleged N4trn budget paddingClimate change, extreme weather, conflict exacerbate global food crisisOramah’s developmental commercial banking idea needs Elumelu’s Africapitalism, By Kenneth AmaeshiEXCLUSIVE: Northern senators move against Akpabio over alleged N4trn budget paddingClimate change, extreme weather, conflict exacerbate global food crisisOramah’s developmental commercial banking idea needs Elumelu’s Africapitalism, By Kenneth...
Speaking on the topic, “Nigeria’s distressed economy: Which way forward?” the keynote speaker explained that every choice we make has consequences, but we have no choice over the combined consequences of the choices that we have made. If we add the illegal ways and means lending of N30 trillion, unprecedented corruption, hyperinflation and the hunger in the land which the keynote speaker also listed in his paper as problems we must address urgently, it means all hands must be on deck, no matter our political persuasion or where we come from.
Having situated what the problems are, Moghalu went on to make recommendations on how we can navigate our way out of the crisis. But he provided a caveat: the crisis and its effects will last for three to five years. It is evident that the unbridled political assault on the independence of the Central Bank since 2014 is at the heart of most of our economic problems today. How will Godwin Emefiele defend his tenure as CBN governor? It will be nice to hear his own side of the story – that is if he chooses to write his memoirs or grant media interviews.
In fact, he said that we must not waste the current economic crisis as it presents an opportunity to re-build the country. The three mistakes, he noted, were: 1.) the precipitate nature of the reform policies; 2.) the exchange rate unification that occurred in a loose monetary environment which contributed to the naira’s race to the bottom, and 3.) it took too long for the cabinet to be formed, and it was predominantly political.
In order to craft the right strategy to overcome our economic challenges, we must first know whether we are operating a capitalist, socialist or a mixed economy. Moghalu also listed the following prescriptions: a vibrant fiscal policy, end oil theft and corruption, cut the cost of governance that is bleeding the economy, CBN must continue its monetary tightening, and Nigeria should carefully consider borrowing between $20 billion and $30 billion from the International Monetary Fund that would serve as a stabilisation fund and life line.
He was very clear about the composition of the council: they must be experts with established credentials in agricultural economics, business economics, fiscal policy, industrial policy, trade policy, industrial policy and development economics.
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