NASD OTCcalls for right fiscal and monetary policies to stimulate economy

The NASD OTC has called for a combination of the appropriate fiscal and monetary policies to stimulate growth in key sectors of the economy.

According to the organisation, several attempts have been made and economic policies have been introduced by the current administration to resuscitate the Nigerian economy from her current levels. However, these efforts have yielded little results.

“ It has now become a matter of desperation to reflate the economy as The President is reportedly seeking emergency powers to fast track the economic plans of his administration. With the Emergency Powers Bill to be presented to the Parliament, the Federal Government seeks to support the Naira, increase job creation, external reserves accretion and revive the real sector.

“It would reduce regulatory drawbacks in the implementation of economic policies, and it will also encourage private and public spending required to implement key capital projects.

Economic activities nationwide have slowed to an abrupt standstill as the Government continues to struggle to finance capital development projects, and business activities are disadvantaged by a combination of increasing operating costs and declining consumer wallets.

As a result, a recession is very likely and highly anticipated by both local and international economic experts, we believe that the proposed bill, if passed by the Legislative Arm will serve as a catalyst to salvage the economy, but expressed the belief that appropriate monetary and fiscal policies would bring back the economy on its feet.