Stakeholders In Economy Sector Call For Review Of Monetary Policy

11 August 2020 by Ebere ukeje.

The Federal government has been advised to review its monetary policy to reduce inflation and ensure price stability across the country.

A Guest, an Economist, Mr Yusha’u Yusuf gave the advice while featuring on ‘PERSPECTIVES’ a Kapital FM Current Affairs Programme.

Mr Yusuf said such interventions would help in stabilizing the nation’s economy thereby reducing the high cost of goods and services in the country occasioned by the Covid-19 pandemic.
“The greatest problem we are having is inflation because the purchasing power of all consumers is being eroded and when the power is being eroded ,from the market you require so much strategy and intervention to take care of that”.

He therefore advised the Federal government to utilize its budgetary allocation wisely to avoid high interest rates.

To ensure that Micro, Small, and Medium scale enterprises do not collapse, Mr Yusuf called for more funding by the Government into the sector.
“Micro, small and medium scale enterprises constitutes 55% of the entire informal sector, you realize that it’s a sector you cannot joke with, come up with a policy that would realise their potential “
Another Guest, An Economist, Mr Omagbitse Barrow described the disruption caused by the pandemic as an opportunity for Nigerians to focus on innovation and enterprise which he said would help stimulate economic growth in the country.
” Creative enterprise and investment in technology would go a long way in sustaining the economy “.

Mr Barrow while reviewing the theme of the programme which is “sustaining Nigeria amid Covid-19 pandemic ” explained that despite the huge resources of the country it is still faced with the challenge of providing a social security system which would help cushion the effect of Covid-19.
“Identity management system plays a key role in ensuring that citizen’s data is well captured to ensure they can access some loans.”

They advised Nigerians to support and key into Government’s policies and programmes.

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