Ex-CBN Chief Charts Path To Transformation

A former director of the Central Bank of Nigeria (CBN), Mr Titus Okurounmu,says Federal Government’s Transformation Agenda may not be realised without strong public institutions.

Okurounmu told newsmen in Lagos on Thursday that many of the state institutions were absolutely weak and could not perform their statutory functions.

“Good governance cannot be achieved with the kind of public institutions that are operating in the country presently,“ he said.

The former CBN director said the solution to the nation’s economic and social woes lied with building strong state institutions with consistent economic policies.

He said that the consolidation of the economic achievements of past governments lied with the independence and commitment of state institutions.

Okurounmu also said that improvements in the non-oil sector of the economy would reduce inflation rate to single digit.

“The scourge of two digit inflation rate to an economy like ours is a negation.

“Government needs to emphasise reduction in the inflation rate to single digit at all costs, “ he said.

Okurounmu, however, said that the non-oil sector could not be maximally exploited if the necessary infrastructure were not in place.