Battling to stave off a looming economic recession, the Federal Government’s Economic Management Team (EMT) on Tuesday held a consultative forum with economic and financial experts.
The meeting, chaired by Vice President Yemi Osinbajo, afforded the EMT, which consists of government officials only, the opportunity to engage the private sector experts on how to tackle the economic challenges confronting the economy.
Other members of the EMT are: Trade and Investment Minister Dr. Okey Enelamah; Budget & Planning Minister Udo Udoma; Information & Culture Minister Alhaji Lai Mohammed; Debt Management Office (DMO) Director-General Dr. Abraham Nwankwo; Budget Office Director-General Ben Akabueze and National Bureau of Statistics Chief Executive Officer (CEO) Dr. Yemi Kale.
At the parley, the government weighed several options on how to reflate the economy, steer it out of ‘technical’ recession and restore growth in line with President Muhammadu Buhari’s determination to continuously consider and adopt policies that support businesses, increase employment and provide relief to the poor.
Osinbajo said: “We will continue to engage with experts and other stakeholders so that we can measure the progress of the economic policies that have been put in place.
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“The challenges are many but the opportunities are much greater. We are clearly on the path to building an economy that will create jobs and ensure inclusive growth.”
The meeting was part of a comprehensive consultation process introduced by the government to reach out to as many stakeholders as possible on how to wriggle out of recession.
Some of the private sector experts at the meeting are: West African Institute for Financial and Economic Management (WAIFEM) Director-General Prof. Akpan Ekpo; Financial Derivatives Company Limited Managing Director Bismark Rewane; Economic Associates Chief Executive Officer Ayo Teriba and Agusto & Co. Director Bode Augusto.
Discussions at the meeting centred on the flexible forex regime and its effect on the economy, as well as the draft Medium Term Economic Framework (MTEF) for 2017 -2019.
There were suggestions on how to reflate the economy by spending more on infrastructure, engaging the private sector, ensuring people-oriented economic policies and increasing the dollar inflow into the economy.
