Dr Samuel Nzekwe, a financial expert, has advised the Central Bank of Nigeria (CBN) to further harmonise the Fiscal with Monetary Policies in order to achieve sustainable growth.
Nzekwe, also a former president, Association of National Accountants of Nigeria (ANAN), gave the advice in an interview with the News Agency of Nigeria (NAN) on Monday in Ota, Ogun, ahead of the MPC meeting, scheduled for Nov. 22 and Nov.23.
He noted that a better harmonisation of fiscal and monetary policies would stem down inflation and high exchange rate, thus resulting to a sustainable growth.
According to him, nothing signficant has changed in the economy as the nation still have high inflation rate and Gross Domestic Product (GDP) dropping a little bit in the last quarter.
The Ex-ANAN president attributed the nation’s inflation rate to devaluation of the Naira, noting that only fiscal policies can address this volatility problem.
“The nation also need to address the insecurity challenge because this is affecting the food security in the country.
“We need to urgently address this insecurity problem because it is only when the country produced more that the inflation rate would drastically come down,” he said.
Nzekwe also urged the Federal Government to redouble its efforts toward providing enabling environment so that the production capacity of the country could be improved and reduce inflation rate.
He appealed to federal government to further work on key infrastructure like electricity supply and accessible roads so that the cost of production of manufacturers could be reduced.
Nzekwe said that when the cost of production in the country was reduced it would automatically address inflation.
Expert harps on harmonising fiscal, monetary policies to achieve sustainable growth
