Economist Bismarck Rewane analyzed Nigeria’s monetary policy and its impact on the economy during an interview Saturday on ARISE NEWS.
The interview addressed Nigeria’s economic stability, focusing on the decline of external reserves to $33.9 billion.
Rewane emphasized the importance of an effective monetary policy managed by the Central Bank of Nigeria (CBN) to maintain price stability, control inflation, and foster sustainable economic growth.
He discussed the challenges posed by fluctuations in oil prices, security concerns, and the global pandemic’s impact on trade and investments, stressing the need for prudent monetary measures to overcome these obstacles.
The interview raised concerns about Nigeria’s vulnerability to potential currency crises due to the declining external reserves.
Rewane highlighted the significance of bolstering reserves through attracting foreign investments and diversifying export revenues.
Throughout the conversation, Rewane emphasized the need for a balanced approach in policymaking, including investment in sectors to drive economic diversification, generate employment, and reduce oil dependence.
He urged the government to implement structural reforms, create a business-friendly environment, and incentivize non-oil sectors for domestic and foreign investments.
Despite the challenges, Rewane expressed cautious optimism about Nigeria’s economic prospects, emphasizing the country’s potential for growth and development.
He called for greater fiscal discipline, prudent monetary policy management, and strategic initiatives to enhance economic resilience.
Increased transparency and accountability in economic management were also highlighted as crucial for building investor confidence and encouraging long-term investments.
Rewane’s insights sparked vital discussions on Nigeria’s economic recovery, with policymakers and stakeholders keenly observing his recommendations to pave the way towards a prosperous and stable economic future for the nation.
Oluwatosin Lawrence
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