Modupe Gbadeyanka
By Modupe Gbadeyanka
A frontline economist and member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), Dr Doyin Salami, has advised the Federal Government to ensure the protection of private investments in the country if it must get Nigeria out of recession.
Dr Salami made this plea last Friday at the third edition of the NSE Bloomberg CEO Roundtable held at the Stock Exchange House in Marina, Lagos.
While delivering his speech, the renowned economist called on policy makers to focus on growth that is sustainable and inclusive.
He noted that defining the role of private capital and its protection will be key to Nigeria’s economic recovery, considering the need to attract private investments to drive the economy.
“Government must promote the role of private sector in economic development,” he said.
He stated that government commitment to sustainability of economic reforms will determine the growth of the economy.
He urged government to restore confidence in their words and actions and stressed the need for coordination and clarity in policy statements in the country.
Dr Salami stated that “growing out of recession is one thing, but growing inclusively is vital for Nigeria’s economy.”
In addition, he advised government to review minimum wage in line with the present realities. “Consumers are under significant pressure as minimum wages last reviewed in 2011 has lost 50 percent value,” he said.
