We have to start looking at it industry by industry.
It requires a lot of planning to achieve the longterm benefits we can start today for the betterment of the economy tomorrow, he stated.
Also, the CEO of SD amp D Capital Management, Mr Idakolo Gbolade said the governments instrumentality of interest rate adjustments and other monetary policies alone could not tackle inflation.
He said the contending challenges of forex scarcity, weakness of the Naira and highcost production were among many issues mitigating against monetary policy measures to tame inflation.
Gbolade said the incoming government must put in place realistic measures to improve the countrys performance in the energy sector, cut down government costs, and consider removing fuel subsidies for the economy to stabilize.
The instrumentality of interest rate adjustments alone cannot tame inflation in Nigeria, with other factors affecting inflation left unattended.
The scarcity of foreign exchange, weakness of the Naira and high cost of production are amongst many factors mitigating against measures taken by the Central Bank of Nigeria.
The oil sectors performance in the economy has also contributed to reduced foreign exchange earned by the government, coupled with debt servicing, which has had a tremendous impact on CBN interventions in importing raw materials and other essential services.
The ball is in the court of the incoming government to ensure optimal performance of the oil sector to increase revenue, cut waste in government and take measures to remove fuel subsidy while providing qualitative palliative to alleviate the suffering of the masses, he said.
Still, at the same time, ensure that banking system stability remains resilient and strong as it is right now, he assured.
But the former president and Chairman Council of the Chartered Institute of Bankers, CIBN, Prof Segun Ajibola, in an exclusive interview with DAILY POST, on Monday, said that far from everyday rhetoric Monetary Policies and measures to tame the rising inflation, Nigeria must reduce or cut down the entire vulnerability on the global market.
He explained that Nigeria, especially the incoming government, must look inward and be selfsufficient in food production, supply and energy production to undo the ugly trend of rising inflation.
According to him, Nigerians and Nigerias economy are at the receiving end.
He stressed that though inflation is inevitable, the country must not make it an incurable cankerworm.
The former president of the US, Richard Nixon, said inflation is the worst enemy.
As you adjust to taking care of today, another issue arises an endless battle between the Government and Nigerians.
On the solutions, the ace economist said it was not rocket science.
Nigeria must work towards reducing its vulnerability to the global market through selfsufficiency in domestic food and energy production.
We must reduce our vulnerability to the rest of the world by localizing the production of foods and others.
This post was created with our nice and easy submission form. Create your post!