Expert Wants FG To Explore Long-Term Dev Plans

The Federal Government has been advised to sustain the current economic growth rate by implementing the long-term economic development framework.

A former Director of Research at Central Bank of Nigeria (CBN),Mr Chris Nemedia,  made the suggestion in an interview with newsmen in Lagos.

Nemedia said that the limited economic growth in the past had made it imperative for the nation to tailor its development plans into seven-year budgetary cycle.

“The long-term budgetary cycle will allow for continuity of government policies and total completion of its programmes.

“This is the usual practice in countries that have gotten their economies right and on the path sustainable growth,” he said.

He also urged government to collaborate with the banks to finance agriculture, manufacturing and other development programmes.

According to him, such collaboration will enable government to provide incentives that will reduce cost of production.

“The government will give the banks some incentives that will enhance their operations and lower the cost of doing business.

“While banks can reduce their lending rates to single digit for domestic business, more companies will grow and employ more people,” he said.