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RECESSION…… CBN, fiscal authorities meet over state of economy

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 The economic management leaders from the Central Bank of Nigeria (CBN) and the Ministries of Finance, Budget and National Planning as well as Trade and Investment met to harmonize their policy perspectives.
In a statement signed by the CBN’s acting Director, Corporate
Communications on Sunday in Abuja, the leaders gathered at
the CBN Corporate Headquarters in Abuja at the weekend, with
the theme: “Pathway to Price Stability Conducive to Economic
Growth,”
The apex Bank Governor, Mr Godwin Emefiele, reiterated the
need for the country’s monetary and fiscal authorities to
collaborate and harmonise standpoints so as to develop the
economy rapidly.
He said the Retreat, which for the first time had in attendance a
large representation of the fiscal authorities, was coming at a
period when the country faced serious economic challenges.
He added that finding a sustainable solution required a
broadened participation of colleagues from the fiscal side.
He said that the retreat, as a brainstorming session, would
provide perspectives on certain Monetary Policy Committee
decisions.
He said it would also close the gap on the coordination
between monetary and fiscal authorities to chart a common
course and take decisions to develop the economy.
The Minister of Budget and National Planning, Senator Udoma
Udo Udoma, said both the monetary and fiscal Authorities had
no choice but to work together to guarantee the country’s
economic growth.
He posited that the pathway to lower interest rate was to
ensure monetary and fiscal authorities collaboration with the
private sector.
Also, the Minister of Finance, Mrs Kemi Adeosun, said solving
the challenges facing the Nigerian economy required
unconventional tactics.
Adeosun said that there was still a huge number of unbanked
Nigerians whose contributions to the economy remains
uncaptured.
She said the government must devise ways to bring them into
the financial mainstream. She also hinted that, based on the
current realities, the Federal Government would have to borrow
more to meet its infrastructural obligation.
On his part, the Minister of Industry, Trade and Investment Dr
Okechukwu Enelamah emphasized the need for both monetary and fiscal authorities to ensure business and investor confidence, as well as policy integrity, in order to improve on the ease of doing business in Nigeria.
According to the statement, the Deputy Governor, Economic
Policy, Central of Bank of Nigeria (CBN), Dr Sarah Alade made a
presentation entitled: “The Macroeconomic Dilemma and
Monetary Policy in Nigeria”.
She said the onus of solving the dilemma of low interest and
exchange rates as well as low inflation should not entirely be
the function of the monetary authority.
Rather, she said it necessitated the collaboration with fiscal
authorities.
According to her, there was need for deliberate policies to
ensure stability and engender growth in the economy.
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