Buhari’s Forex policy a failure – Peterside
The Chairman of Stanbic IBTC Bank, Atedo Peterside has faulted Central Bank of Nigeria’s Forex policy describing it as a failure.
He said this while he was presenting 11 major policy actions and inactions which the Federal Government of Nigeria and the ruling political party should consider towards growing the economy during 14th annual Daily Trust Dialogue in Abuja on Thursday.
Atedo said there is a reluctance to completely break from the past and
embrace significant reforms but it is no use arguing over who or what
caused economic recession that we are currently facing.
Atedo said his first point is for the Central Bank of Nigeria to accept
that its foreign exchange and demand management policies have failed.
Atedo said Secondly, failure to reach some accommodation with Niger delta
militants is part of why our economy is currently struggling and that the
Federal Government should reach concession with Niger delta militants.
He said the Government cannot just claim the lands of Niger Delta people
when oil is discovered without compensating the owners of the properties
He said the third point is for the Federal Government to embark on some
assets sales because they will improve long-term efficiency & will yield
The fourth according to Atedo is that we need to deregulate the entre
downstream petrol sector, private NNPC’s 3 refineries, depots and domestic
The fifth is that Nigeria’s public system is still plagued by corrupt
practices and the population to consume close to 60-70% of annual budget
via the recurrent vote.
The sixth is that less than 25% of our states in Nigeria are economically
viable. He said borrowing alone is not and can never be a panacea because
borrowing without instituting necessary and badly needed economic and
structural reforms is akin to suicide.
The seventh is to overcome the social physical infrastructure deficit and
to embark upon restructuring canvassed as stated in point 5 &6.
The eighth point is that Nigeria has a dysfunctional legal system.
The ninth point is the anticorruption crusade will only complement
positive changes. Therefore, the Government needs to start planning.
The tenth point is that the Government needs to restore business
confidence. He said business confidence should be primary preoccupation
guiding virtually every statement by public officers.
The last point is that the Federal Government should immediately appoint
directors to boards of every regulatory agency.
Forex: Forex: Forex