FG Tasked on Economic Reforms to Curb Inflation

Omolabake Fasogbon

Amid inflationary pressures, the federal government has been advised to expedite reforms in key sectors to save the economy. 

Experts gave this advice at the public lecture of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), held at Lead City University, Ibadan, where they lamented rising operating costs, considered counterproductive for the economy. 

Speaking, Academic Director, Senior Management Programme, Lagos Business School (LBS), Dr. Nkemdilim Iheanachor called for strategic steps in addressing economic downturn, stating that previous efforts over the years had not really fetched desired result.

Iheanachor while speaking on ‘The Dynamics of Leadership in Fiscal and Monetary Policies: The Central Bank of Nigeria in Perspective,’ maintained that solving Nigeria’s present challenges would go beyond mere policy change, but institutional reforms that attract penalty for infractions. 

He noted that reform of key institutions were critical for effective implementation of economic and policy reforms. 

Still, the don tasked the CBN on sound fiscal and monetary policies that are human-orientated and capable of fostering economic development.

On his part, the discussant, Prof. Godwin Oyedokun of Lead City University reckoned that leadership in the apex bank would weightily influence effective fiscal and monetary policies. 

He thus called on the CBN to discharge its regulatory power with transparency and accountability, while also embracing collaboration and innovation. 

Earlier, President and Chairman of Governing Council, ICSAN, Funmi Ekundayo stated that the theme of the lecture stemmed from a need to get the financial system right, citing the recent naira change and implementation gap. 

“As a governance institute, we should be concerned about how the CBN conceives and implements its monetary policies because of its far-reaching consequences for the nation’s growth and development,” she said.