Experts Seek New Policies For Economic Growth

Economic and financial experts have emphasised the need for Nigeria to revisit her economic policies, especially in the wake of low oil price and rising threats from declining revenue.
The experts, who converged on Lagos recently at the annual 2015 FBNQuest Investor Conference, said this was imperative in order to move the economy to the next level.
Themed ‘Re-inventing the Nigerian economy: Beyond the rhetoric’, the conference had in attendance notable stakeholders from the financial and economic sector, a statement by the organisers said.
The Managing Director, FBN Quest, Mr. Kayode Akinkugbe, said the theme of the conference was topical at the time, particularly with the wind of change currently sweeping the country.
He said, “We want to explore what initiatives and policies are necessary to unlock the inherent potential in the Nigerian market. How we do more with less and boost revenue while instilling fiscal discipline; where we have examples of successful reforms; and how we unlock private sector funding sources.”
An Adjunct Associate Professor at the New York University, Daniel Altman, highlighted some of the impediments stalling economic growth in the country to include gender inequality, inadequate health coverage, over dependence on oil and obsolete taxing system.
He delivered a presentation on the topic ‘When reforms work: Lessons from emerging and frontier markets.’
Altman proposed some of the immediate policies that the country could adopt in the next three years to achieve economic independence.
The scholar was quoted as saying, “There is need to expand the health coverage, give land titles to the poor, enact a modern competition law, negotiate a trade agreement with a major economy, create an autonomous anti-corruption authority, implement a quota for women in the National Assembly as well as install a flat tax for simplicity and transparency during the economic transition.”
Panelists at the first session include the Chief Executive Officer, Nextnomics, Dr. Temitope Oshikoya; and the CEO, Economic Associates, Dr. Ayo Teriba.
They spoke on how the Federal Government could boost its revenue while instilling fiscal discipline.
According to Oshikoya, there is need for the Federal Government to show how much the transition to blocking leakages is impacting on the nation’s Gross Domestic Product.

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