Financial experts on Thursday in Lagos called on monetary and fiscal authourirties to synergise, to address the issue of exchange rate and stimulate economic growth.
They said this at the just concluded seminar on the 2017 Budget
tagged: “The 2017 Budget of Growth and Recovery: Relevance,
implications and Perceptives of the Nigerian Capital Market.”
Dr Biodun Adedipe , Chief Consultant, B.Adedipe Associate Ltd., said there was need for policy makers to be pragmatic in addressing the flexible exchange rate system.
Adedipe said that the foreign exchange regime inconsitency should be sorted out because it had recorded negative impact on the private sector.
The gap between the fiscal and monetary policies need to be resolved on time while synergy between the two is paramount.
Adedipe said the policy makers should also respond immediately to the interest rate in the country, to be attractive to investors.
He also said that if a bulk of the government spending went into
spending on capital projects such as road, it could easily be felt by citizens.
Dr Ore Sokefun, the Managing Director of Investment One Vencap, said for the Small and Medium Scale Enterprise to drive
the economy, Nigerians should continually support the buying of Made in Nigeria goods.
Sokefun said that the government also had to ensure that all its
interventtion fund cut across the value chains of production.
On Forex, she urged the government to find other
solutions to the issue of foreign exchange, saying that the country needed more fund injection to recover from recessioon.
The Invest One Vencap boss said the government should reduce shunning out regaulations.
The managing director said that promoting positive publicity about the country would help it to achieve its desired growth and encourage investors to bring their funds into the country.
She expressed the belief that high interest rate would also stimulate the economy because people woulld want to commit their fiunds for investment.
Sokefun, however, said that government needed to ensure that policies and messages were clear and sincere (NAN)