The Centre for the Promotion of Private Enterprise (CPPE), an economic and private-sector think tank, on Wednesday applauded the appointment of Doyin Salami as the Chief Economic Adviser to the President.
Muda Yusuf, Chief Executive Officer of CPPE said Salami is bringing to this position a pedigree of intellectualism and robust knowledge of the nexus between sound economic principles, macroeconomic stability, investment growth and welfare of the citizens.
Though coming rather late in the life of the administration, it is a fitting appointment nonetheless. It is worthy of note that Doyin Salami is the current Chairman of the Presidential Economic Advisory Council.
“His appointment perhaps signals the aspiration of President Buhari to reset the economy and correct some glaring distortions that have been undermining investors’ confidence over the last couple of years,” Yusuf said.
He said it is imperative to refocus economic management strategy for growth, efficiency, productivity, sustainability and inclusion. However, he said the impact of the appointment would be felt only to the extent that his advice and that of the economic advisory council are adopted and implemented to shape the course of monetary, fiscal and regulatory policies as well drive vital reforms.
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The CPPE looks forward to the espousal of the following policy pathways to ensure a quick reset of the Nigerian economy for accelerated recovery and growth.
One of such policy pathways is the institution of a market based foreign exchange policy framework to correct current distortions bedeviling the foreign exchange market. This would ensure the normalization of the foreign exchange market and unlock capital inflows into the economy.
CPPE expects propose sustainable mix of policies to stem the intense inflationary pressures in the economy, ensure the effective coordination between the fiscal and monetary policies, ensure synergy between key economic and investment ministries and agencies to ensure policy and regulatory coherence, and infuse a general equilibrium mindset in the policy-making processes to ensure a broaden comprehension of the impact of economic policies.
Other expectations include to promote the reduction of fiscal deficit monetisation because of the profound inflationary outcomes, promote the philosophy of a level playing field for all investors in the economy, fixing the port congestion crisis, cargo clearing constraints and traffic gridlocks along the Lagos ports corridor, foster a regime of trade facilitation culture among the agencies at our ports, and encourage a review of the Cash Reserve Requirement (CRR) for better financial intermediation in the banking system.
