Abuja. Important economic figures have urged Nigeria’s policy and fiscal reforms to be more deliberate and coordinated. Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group; Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment; and Christian Ebeke, IMF Resident Representative for Nigeria, were among the speakers at a high-level discussion on the country’s economic future. They emphasized the ambitious measures that have been taken thus far as well as the areas that require immediate improvement.
Without reliable data, Dr. Tayo Aduloju emphasized, inclusivity in policy discussions is ineffective.
In order to emphasize the necessity of data-driven reforms, he stated, “We are holding a company, not designing policy.”
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The elimination of gasoline subsidies and the unification of various foreign exchange rates were hailed by the panel as dramatic and exceptional actions, and it commended recent noteworthy initiatives.
The elimination of subsidies was a historically audacious move. It was historically daring to remove previous multiple FX rates, with premiums up to 65-70% foregone, Dr. Jumoke Oduwole remarked.
However, the experts also considered how they could have improved the situation. Even though the policy changes were accompanied by an executive order, which has never happened in Nigeria’s history, they pointed out implementation deficiencies.
When we originally implemented a policy that prioritized procurement, the use of goods created in Nigeria, and the coordination of the AfCFTA ecosystem, where was the oversight that we did not accomplish the desired results? Many things had been going on, but one speaker pointed out that this could have been done more effectively in terms of synergy.
In closing, Christian Ebeke emphasized the session’s overall message.
It takes intentionality and sincerity of purpose, he said, whether the goal is tax and fiscal reforms, public institution building, or innovation for Nigeria’s future.
The discussion emphasized that although Nigeria has made some daring moves, it still has to concentrate on deliberate, well-coordinated reforms in order to achieve sustained growth.
