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Osinbajo buhari

Is FG running out of economic recovery and growth ideas?

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In view of recent outbursts of economic development pundits on the current state of the Nigerian economy, their aggregate argument seems to suggest that either the Federal Government’s Economic Recovery and Growth Plan (ERGP) is not yielding results or the drivers are earnestly in need of ideas.
In an interview in a Lagos TV monitored in Lagos on Monday, the Director General of Lagos Chamber of Commerce and Industry (LCCI), Mr Muda Yusuf expressed frustrations on the institutional failures being manifested in virtually every aspect of the nation’s economic live.
He said the apparent understanding of the government that economic recovery and growth plan is better driven by revenue generation without recourse to buoying investments is the core reason for the observed negatively skewed growth pattern.
He called for new ideas amongst the leading institutions driving the national economic plan including the Ministry of Finance, Customs, Economic Planning and Budget Office, FIRS and others to avoid the production sector sinking further into oblivion.
Aside the position of the LCCI boss, weekend, the Nigerian Council of Registered Insurance Brokers (NCRIB) had urged the federal and states governments to inject fresh ideas that will stimulate economic growth.
According to the NCRIB President, Shola Tinubu, “As actors in the financial ecosystem, the NCRIB is using this platform to advise the government to inject fresh ideas into the running of the nation’s economy while at the same time sustaining the tempo of existing positive economic policies already put in place by the government.
“The reflation of the economy should be anchored on enhanced promotion of local capacity to reduce over dependence on foreign goods and services, and by so doing, reduce the strain on the nation’s currency vis –a- vis other foreign currencies.
“The government must create an improved enabling environment for business and professional growth through initiation and tenacious pursuit of laws and regulatory prescriptions that would enhance economic growth.”
Tinubu argued that “In specific terms, urgent attention must be paid to reducing poverty, which had as its bye products, insecurity, unemployment and poor standard of living.”
“Since insurance thrives more when the economy thrives, it is our belief that the industry will witness desired northward trend when the economy is on a sure sound- footing,” he stressed.

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