Bankers call for a new strategy to handling economic activities

Nigerian bankers have called on the Federal Government to evolve a new strategy for the handling of economic activities in the country.

The bankers also called for the speedy rectification of the the Continental Free Trade Agreement, CFTA.

The call was made by the President/Chairman of Council, Chartered Institute of Bankers of Nigeria, Dr Uche Olowu, during a CIBN’s event in Lagos.

“Specifically, it is generally believed that the prospect of the country depends on the implementation of the Economic Recovery and Growth Plan which anchors the nation’s industrialisation.

“In view of this, we call on the Federal Government to ensure that the ERGP is faithfully, efficiently and speedily implemented.

“In addition, the country needs to rethink its strategy of handling some of its economic activities. For instance, according to the African Development Bank, Nigeria needs to re-orient its federal budget currently dominated by recurrent spending towards more capital expenditure and accumulating savings to sustain social spending.”

Olowu also expressed worry that was delays in budget approval and signing had become predominant that it was not available for implementation in most cases in the first quarter and rare cases, a better part of the second quarter over the past 15 years.

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According to him, the 2019 budget was not being an exception as it had led to uncertainty in the system, affecting the delivery of projects which had profound impact on productivity in the economy.

“I, therefore, wish to implore the executive and legislative arms of the government to close ranks to release the budget on time.

“Also, I wish to encourage the government to ratify the Continental Free Trade Agreement designed to create a single continental market for goods and services as well as the free movement of business persons and investments across the continent”; Olowu said.

CIBN boss also lamented that despite efforts by government, people were still living with insecurity, huge infrastructural deficit and high poverty levels, among others.

“Notwithstanding, the country’s economy is slowly recovering, but efforts must be intensified to address the identified challenges,” he said.

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