The Federal Government has been advised to review its economic policies to accommodate evolving global economic trends in order to facilitate quick recovery and growth.
Economic experts and stakeholders said this in Lagos at the 2017 Bankers Nite organised by the Lagos branch of the Chartered Institute of Bankers of Nigeria.
The theme of the annual event was, “The new world economic order: Imperative of a national policy rethink.”
They reasoned that political developments in the United Kingdom and the policy of protectionism gaining momentum in developed countries, especially the United States, would have far-reaching effects on Nigeria’s economy.
The stakeholders said Nigeria’s economy must be well positioned for the emerging new world economic order.
The Chief Executive Officer, Nextnomics, Dr. Temitope Oshikoya, who was the guest speaker at the event, noted that irrespective of global economic development, globalisation would continue to exist.
He said, “Globalisation is here to stay whether we like it or not. You can’t stop globalisation, no matter what is happening with Brexit or Trumpism. What is in it for me is that we should worry about secular stagnation, the industrialisation as well as low productivity.”
“The world will continue to move towards the knowledge-based economy. And the issue is that, how is Nigeria positioning itself?”
He added, “We need to deepen our trade with emerging economies and accelerate knowledge-based economy. China is doing its best to dominate the new global economic order and is trying to challenge the Western dominance.”
The guest speaker stressed the need for Nigeria to transit itself from an oil-based economy.
Governor Akinwumi Ambode of Lagos State, who was represented by the Commissioner for Energy and Mineral Resources, Mr. Olawale Oluwo, said the nation must transform from an import-dependent economy to one that is productive and resilient.
“We must sustain and enhance the process of diversifying the revenue base from oil which in 30 years’ time will have given way to new cleaner and more environment-friendly sources of energy,” he stated.
The President/Chairman of Council, CIBN, Prof. Segun Ajibola, noted that traditional approaches to formulating growth and development plans would be inadequate in the face of disruptive factors that were fast redefining national and global economies.
He explained that since Nigeria was part of the global community, the Federal Government’s Economic Recovery and Growth Plan would be impacted by the forces of global dynamics.
The Chairman, CIBN, Lagos chapter, Mr. Kola Abdul, said that with the ebbing foreign direct investment, the time was up for “local policy reset.”
“The current signals in the international community necessitate an effective response on the part of the Nigerian government. We need to diversify and steer the economy towards higher value-added activities and promote domestic linkages particularly in sectors like agribusiness and services,” he said.