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Economic policies on sound market principles will ease recession—Stanbic boss

The Chief Executive Officer of Stanbic IBTC Holdings Plc, Ms. Sola David-Borha has given fresh antidote for the way out of the nation’s economic woes, saying the key to creating a path to sustainable growth is to have a clear and consistent economic policies or development programme founded on sound market principles.

David-Borha said this in Ibadan, Oyo State Friday night at a lecture she delivered at the 2016 Alumni lecture held at the University of Ibadan International Conference Centre.

Speaking on the topic of the lecture; “The Nigerian Economy: Creating a Part to Sustainable Growth,” she noted that Nigeria need to be definite on the actions to take and speedily remedy these issues to be able to move forward.

She said “We have to execute these plans in a coordinated manner with both monetary and fiscal policies aligned,” she said.

She said that the country had all the resources it needed to achieve double digit growth while “its most important resources is the people”.

According to David-Borha, the people should be creative, educated and resilient, not be restrained by restrictive policies, but be given the opportunities by which they can monetise their talents.

She said that at the macro level, GDP growth rate for Q3 in 2016 was 2.24 per cent.

According to her, the inflation is at 18.3, while the national external reserve has steadily dropped from 28.9billion dollars in January to 23.94billion dollars at the end of Oct.

The Stanbic IBTC boss, who is also an Alumnus of the university, however, identified three critical ingredients for sustainable development and growth.