Bankers task FG on investment to end economic recession
The Chartered Institute of Bankers of Nigeria (CIBN) has attributed the hardship in the country to individual and collective failure to invest in the local economy.
It described the recession in the country to lack of investment in Nigeria made goods, which resulted to over reliance on foreign products and services.
Chairman, Lagos State chapter of CIBN, Kola Abdul, at the just concluded bankers’ stakeholder’s nite said with the present state of the economy, it was time for local policy reassessment because those who should take responsibility for the economy were self-serving.
Abdul, who emphasised the theme: “The New World Economic Order: Imperative of a National Policy Rethink,” said, “With signals from developed countries, protectionism is gradually replacing globalisation. Nigeria must not be left behind. In Africa, when the sun emerges late in the day, only neophytes would think the day has just broken.
“An experienced farmer or hunter knows it is time to return home, the external environment that we depend to help our economy is becoming less supportive by the day.”
Abdul said Nigeria needed to diversify its economy towards higher value-added activities and promote domestic linkages, particularly in agri-business and services.
He also suggested the implementation of a sound policy framework for Public Private Partnerships (PPP), which he noted, was imperative to help infrastructure development.
“Foreign Direct Investments (FDIs) may not come in the quantum it used to over the past two decades. It has become a vital source of finance and economic development for Nigeria and the African continent.
“It ebbed to $501 million in January 2016 and increased to $1.269 million in January 2017. However, the continued increase portends dark forebodings,” he added.
Abdul pointed out that foreign grants, training, scholarship and security assistance would drop except they are directly affected by the cause or effect of such security crisis, saying, “Our unbridled appetite for foreign goods and services has also made us to be addicted and heavily dependent on them.
Also speaking, President and Chairman of Council, CIBN Professor Segun Ajibola, said: “As Nigeria implements the recently released Economic Recovery and Growth Plan 2017, the aforementioned global dynamics would have far reaching impacts on the achievement of the plan.
“As no economy is completely immune against trends in the international community, even under a closed economic system, harnessing the benefits of globalisation and mitigating its risk would continue to be a critical success factor in national economies policy decisions.”