Experts map path to viable leadership
• Sanusi scores CBN high on policy direction
Prominent Nigerians have blamed the current economic crisis rocking the country on leadership inaction and lack of knowledge.
Financial experts and entrepreneurs, who converged at launch of the 2016 Banking Sector Report by Afrinvest West Africa, in Lagos, yesterday, however, took turns to proffer solutions.
Professor of Political Economy, Pat Utomi, said for the country to attain its expectations, the leadership must show a clear game plan, with critical elements of industrial policy in areas of competitive advantage, self-explanatory and attractive to investors. “Government must be responsive to signals and not let things go out of hand before seeking solutions,” he added.
Meanwhile, the Emir of Kano and former CBN Governor, His Highness Muhammadu Sanusi II, praised the current leadership of the institution for resisting call for rate cut.
“When the fiscal authorities and many people in the private sector said they wanted a lower interest rate, I was concerned that the Central Bank would succumb to pressure. The fact, that the Central Bank did not, shows it is beginning to reclaim its independence.”
The Chief Executive Officer of Economic Associates, Dr. Ayo Teriba, said Nigeria was in economic crisis because of dependence on two volatile economic components – export and investor base.
“We must learn from India that relies heavily on Diaspora remittances, which are directly invested on sovereign assets, thus providing needed foreign exchange. We must broaden the focus, not only on foreign investors, but also with confidence building policies, to attract the Diaspora,” he said.
Access Bank’s Executive Director, Victor Etuokwu, in a panel discussion at the event, said the country’s posture holds the key to attracting foreign investment and Nigerians abroad. He said policy would be informed by understanding of matters relating to investment and the will to effect needed guidelines in the economy.