OPS seeks synergy of fiscal, monetary policies for economic growth
07 January 2020 | 3:22 am
For the economy to achieve its full potential, the organised private sector (OPS), has emphasized the need for efficiency and synergy of the fiscal and monetary policies
For the economy to achieve its full potential, the organised private sector (OPS), has emphasized the need for efficiency and synergy of the fiscal and monetary policies of the government.
They argued that it seems only the monetary authorities have been in the driving seat of the nation’s economy.
OPS, under the platform of the Nigeria Employers’ Consultative Association (NECA), noted that there must be synergy between both for the economy to fulfill its full potential.
The Director-General of NECA, Timothy Olawale, on employers’ expectations for the New Year, reviewed the performance of 2019, and averred that the economy has great potential for growth, but more concerted and collaborative efforts with the private sector could have made a significant impact.
He said the economy struggled with a growth rate average of two per cent in the first three quarters of 2019; inflation was in double-digit, which was orchestrated mainly by increasing food inflation as a result of the closure of land borders in order to curb smuggling.
For the sake of the country and the teeming populace, he urged that government at all levels should see the private sector as an engine of development, and a worthy partner in the realisation of the Nigerian dream.
According to him, the executive and legislative arms of government must facilitate an enabling environment for the economy to grow through business-friendly and citizen-focused legislation for the good of the nation.
Speaking further on the employers’ expectations in 2020, Olawale urged the government to remain focused on implementing the Economic Recovery and Growth Plan (ERGP), in efforts to restore economic growth and expand the tax net to improve revenue generation rather than focusing on tax increases that have remained burdensome to businesses.
He said: “Beyond the rhetoric of improved Ease of Doing Business (EODB) rating, we expect that greater effort would be made to reign in the excesses of some regulatory authorities, whose actions tend to stifle businesses, invariably increasing the unemployment rate.
“The private sector should be aggressively supported to create jobs through business-friendly policies and regulation.”
On the Budget 2020, Dr. Olawale called for full and timely implementation of the budget and early release of funds to stimulate the economy.
According to him, monitoring mechanisms should be institutionalised to gauge how well the budget is implemented, adding that “special focus should be given to infrastructural development as enshrined in the 2020 budget, as this is the foundation for national development.”