The Chartered Institute of Bankers of Nigeria (CIBN), Lagos State branch, has proffered solutions to the economic crisis in Nigeria.
The body said for the country to get out of the woods, her economic managers must apply what it called “macroeconomic drivers.”
The CIBN insists that if local production and export are encouraged by the government, the nation’s external reserves could appreciate considerably. It also urged the government to revamp the power sector to boost local production as well as SMEs.
“There is a need to put economic strategies in place to prosecute successfully the ailing Nigerian economy so that it does not get worse than we are presently experiencing. We need a pragmatic approach to the economic realities we have found ourselves. We need to look inward,” Chairman, CIBN, Lagos State branch, Mrs Taiwo Ige, said at a news conference announcing the institute’s annual ‘Lagos Bankers’ Nite.’
She said further that, “Economically, we know where we are going but how do we get there? Resolving our economic logjam is not the job of government alone; everybody must be involved. The average Nigerian propensity for foreign goods will have to be addressed.”
Also speaking at the occasion, the First Vice Chairman of the branch, Mr Kola Abdul, stressed that the foreign exchange market was being restructured and in determining the right exchange rate, the principle of “cobweb analysis” would first play out.
“It will move zigzag before it comes to a position we will see as the real value. We feel that we need to help the Federal Government to identify the fundamentals that must be addressed for the economy to be on a good stead,” he explained.
The CIBN’s ‘Lagos Bankers’ Nite is tagged, ‘Repowering Nigerian economy: the strategic imperatives’, and several key players in the financial business are expected to grace it.