The Chairman, Arewa Economic Forum, Ibrahim Dandakata, while speaking on the Central Bank of Nigeria (CBN) new interest rate, stated there is clearly no coordination in all the policies happening in Nigeria.
Dandakata in expressing his doubts with the new CBN policy efficiency in an interview with ARISE NEWS on Wednesday night, stated that the real issue of the Nigerian economy “is not the issue of money supply but product and productivity supply.”
Speaking on the issue of productivity, he explained, “It is not that there is too much money in the economy, but that there is too low productivity in the country, and by increasing the interest rate they are further making production to be more difficult.”
Dandakata highlighted that the fundamental issue of lack of productivity can be addressed by the coordinating minister of the economy, organising everything, and providing a coordinate solution towards achieving one particular goal.
He said, “All these dis-jointed policies that are coming from various government agencies are not well coordinated, there has to be a concise effort to put the economy on the right track. The policies being brought out need to be coordinated in such a way people can know the end result.”
Further speaking, he requested the government to look into the governors in Nigeria especially in the North, because there has been no notable improvement since the increase of monthly allocation for the state government after the removal of fuel subsidy.
After revealing that the key for economic growth in the North is agriculture, he explained the two problems agriculture is facing, which are, access to land and lack of professional extension workers.
He stated, “The problem of agriculture in Nigeria is access to land. The demand for food and other services from agriculture far outstrip the capacity to supply that we have. The second problem is lack of qualified extension workers.”
He implored that the solution for agriculture is proper funding by the government.
Nancy Mbamalu
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