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How Nigeria can leave economic recession – Dogara

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Speaker of the House of Representatives, Yakubu Dogara, said Nigeria needs visionary leadership and discipline to sustain economic growth as the nation grapples with recession.

Also, worried about the worsening economic crisis in the country, the Chairman of Stanbic IBTC Holdings Plc, Atedo Peterside, has labelled the foreign exchange and demand management policies of the Central Bank of Nigeria (CBN) a failure leading to the underperformance of the economy.

They spoke yesterday in Abuja at the 14th Daily Trust Dialogue.

Dogara said the nation’s post-recession market must be competitive if it must survive.

According to Peterside, in a paper titled “Beyond recession: Towards a resilient economy,” the CBN has inadvertently created a siege mentality, thereby making privileged access to its forex allocations, which are reserved largely for the politically well-connected, the best investment game in town.

Although experts have criticised that part of the economic crisis in Nigeria is the misalignment between fiscal and monetary policies, but many blame the CBN forex policies, which they believe is anti-development especially by capping the exchange rate and excluding some items from the dollar-support list.

Peterside added that while some actors, including the economic management team are making efforts to address the lingering economic problem, many of them are working in isolation, as government has yet to clearly define its policy direction and harmonise efforts under a holistic plan.

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