Ogun Finance Commissioner Offers Tips On How To Strengthen Nigeria's Economy, Improve Naira's Resilience - EDU-BIZNEWS


Wednesday, April 3, 2024

Ogun Finance Commissioner Offers Tips On How To Strengthen Nigeria's Economy, Improve Naira's Resilience

Ogun State Commissioner for Finance , Mr. Dapo Okubadejo, has stressed the need for creation of enabling environment to  ease the process of doing business, reduction of production cost and provision of social infrastructures as initiatives that should be carried out to strengthen the Nigerian economy and improved the Naira's resilience amidst global uncertainties

Okubadejo made this known at a Symposium Organised by the  Department of Finance, Babcock University, Ilishan-Remo, Ogun State, where he emphasized fiscal discipline as a pivot for sustainability and currency stability.

The Commissioner proposed corrective measures which included deficit reduction, improved debt management, tax base expansion as a roadmap for fiscal balance restoration and rebuilding investors confidence.

"For us in Ogun state, our commitment to making our State the choice investment destination is evident in the infrastructural projects we embark on, such as construction of roads and the Agro-cargo aerotropolis as well as establishment of economic clusters which are targeted at providing shared facilities for investors in order to drive down production cost. 
All of which will boost the production capacity of the state and translate to more job creation and economic prosperity to our dear people of Ogun state," Okubadejo stated.

He stressed the importance of monetary policy adjustments in navigating the Naira crisis, advocating for coordinated fiscal-monetary actions to achieve macro-economic stability while addressing inflationary pressures and exchange rate volatility.

He added that, "Diversification is a key strategy to reduce oil revenue dependency and mitigate Naira fluctuations. And Ogun state is leaving no stone unturned regarding initiatives such as agricultural productivity enhancement, manufacturing sector development, and technology and innovation investments for long-term growth.

He underscored the importance of International cooperation, while calling for support, technical aid, and strategic partnerships to bolster Nigeria's efforts, emphasizing engaging with global stakeholders and leveraging external expertise as well as resources for effective reforms amidst evolving global economic challenges.

Also speaking at the event, a Dean at the Faculty of Economics at the University, and Past President of the Chartered Institute of Bankers of Nigeria, Professor Segun Ajibola, stressed the importance of maintaining investors' confidence through sound monetary and fiscal management, combating corruption, and improving financial literacy and inclusion.

Prof. Ajibola noted that the significant demand for Dollar is driven by the need to import essential goods and services, such as food, medical supplies, and raw materials. 

The reliance on imports, he argued, is symptomatic of policy failures and underscores the urgency of revitalizing Nigeria's agricultural sector to achieve food security and reduce vulnerabilities to external shocks.

He thereafter, condemned the practice of dollarization in domestic commercial transactions, saying this erodes confidence in the Naira and undermines its role as the sole medium of exchange within Nigeria's border.

No comments:

Post a Comment