‘Nigeria needs speedy execution of economic policies to stay competitive’

International analysts and professionals in Nigeria have stressed the need for increased speed in the formulation and execution of economic management policies if Nigeria is to ever catch up with other progressive nations and become a competitive global player.

Several analysts in their presentations at the “ICAN economic discourse series “2018 FGN Budget and Beyond organised by Institute of Chartered Accountants of Nigeria (ICAN) in Lagos observe that non-oil revenue mobilisation, along with a continued focus on improving expenditure efficiency and composition, is crucial to create the fiscal space necessary to scale-up capital expenditure and ensure debt sustainability.

Isma’ila Muhammadu Zakari, President of the Institute of Chartered Accountants of Nigeria in his address at the event said there is an urgent need to establish an efficient system for policy analysis and performance evaluation to measure actual results of policy implementation against key performance.

Zakari said given our pervasive influence, the Institute of Chartered Accountants of Nigeria is committed to upholding the public interest as the trusted partner of governments, businesses, and society in a complex and challenging economic climate.

According to him, “Although the economy has now technically come out of recession, there are still numerous challenges such as very high unemployment, foreign direct investment and investor confidence”

“We consider it an essential component that should not be ignored in the budget implementation process in order to put in place an enhanced public finance management system”, he said.

Mike Obadan, a professor of economics, University of Benin in his presentation titled “Macroeconomic Framework of the 2018 Federal Government Budget: Assumptions and Projections observes that the assumptions and parameters provide a basis for the budget projections, especially revenue projections are generally realistic to the extent that certain conditions prevail.

Obadan opines that following the exit of the country from recession, a robust positive growth rate is achievable in 2018, and economic activities will strongly be revived, they will be very good for the realisation of non-oil revenue projections in a large measure.

He further maintains rationalising non-debt recurrent expenditures requires elimination of wastes and corruption from public spending and procurement which would create space for pro-growth spending.

On his part, Olufemi Awoyemi, founder/Ceo Proshare Limited in his presentation titled: The 2018 Budget and the Fear of Secular Stagnation said the implying that growth levels at the end of 2018 might not have any substantial impact on income nor address the bloated level of misery.

Awoyemi advocated that deepening structural and institutional reforms that can attract more multinational enterprises (MNE) participation in the economy is of great importance.

 

KELECHI EWUZIE