Dada Adefolami

The impact of the rising FX rate against the naira has delayed growth, particularly in sectors that rely on imported inputs. The CBN’s efforts to improve conditions, including the recent injection of the dollar, that increased supply and reduced the exchange rate. How can these achievements be sustained?

The FX window has been very important for ensuring the sustainability of FX supply. The fact that transactions are now market-orientated has moderated investors’ fears, and the uncertainties usually associated with capital repatriation have mostly been eliminated. investors are now confident that repatriation will not be a problem. The heightened transparency and growing investor confidence are expected to sustain the FX supply in the market.

The long-term solution to the huge FX demand is to continue to diversify the economy. need to be able to produce our consumables and reduce the burden on our FX reserves.

Government Policy: The Economic Recovery Growth Plan (ERGP) has been widely received. What governance considerations will ensure that current achievements gel and are maximized in future policies
The ERGP was developed in March 2017 as a two-pronged strategy: to solve the short-term economic recession that has beset the Nigerian economy since 2016; and to provide a long-term strategy to ensure that economic growth in Nigeria is not only non-inflationary, but also inclusive and sustainable. As Nigeria continue to improve issues around power, security, infrastructure and telecoms, the cost of doing business and lending rates will eventually decline.

FINALLY
A key effort on the Nigerian economy is the infrastructure gap, which has contributed to the high cost of doing business. The ERGP, in attempt to resolve the infrastructure problems, expected to moderate the cost of doing business. once improve the current issues with power, transportation, security and administration, the cost of doing business will be substantially reduced.

The role professionals Management Consultant need to play in influencing and enhancing the effectiveness of the ERGP in Nigeria .Professional are needed across a wide variety of industries. The ERGP is a holistic document that was pulled together through a collective effort from many expert contributors, including monetary and fiscal authorities, industrial and structural policy authorities, and players in the public and private sector. This ensured the consistency of policies across the board.

Given the length and breadth of consultation, the document will have received some input from consultant. To ensure the effectiveness of the plan, professional, with their reputation for adhering to high standards, can ensure that the quality of implementation is at all times top-notch. They can monitor the policy process to ensure that relevant authorities do not diverge from it and from the standards required in the implementation of the ERGP.

Nigeria launched Economic Recovery and Growth Plan, ERGP, which gradually restore the nation’s economic status following the high rate of inflation and recession.

-Dada Suraju Adefolami, FIMC, CMC. Professor of Finance, School of Business Administration, UNEM University Costa Rica, is a Finance / Management Consultant and Certified Forensic Accountant. You can reach him via: [email protected]; 08052043855