Business
Economist Advises FG On ERGP Implementation
A former Deputy Governor of Central Bank of Nigeria (CBN), Dr Obadiah Mailafia has advised the Federal Government to hinge the implementation of the Economic Recovery and Growth Plan (ERGP) on three pillars. The three pillars are; micro economic stabilisation, human security, and governance and capacity building. Mailafia gave the advice in an interview with newsmen yesterday in Abuja. He, however, commended the Federal Government for coming up with EGRP and also expressed support for the key areas of priority in the plan. ERGP projected that Nigeria would make significant progress to achieve structural economic change with a more diversified and inclusive economy in five key areas by 2020. The key areas are stable macro-economic environment, agricultural transformation and food security, sufficiency in energy, improved transportation and infrastructure, as well as industrialisation and Small Medium Enterprise (SMEs). He stressed that the implementation of the plan should focus first on micro economic stabilisation. ”You need to stabilise the economy, you need to give the fundamentals right, you need to tame inflation and you need to stabilise the exchange rate. ”You need to create greater transparency and create conducive business environment.” The second pillar, he said should be on human security, adding that the crime rate was on the increase in the country. ” There is crime everywhere, if this continues, development will not happen. ”We need to be able to take control of this country from the hands of lawless bandits. Get crime off our rural sector because investors will not come if insecurity is not addressed. ”The third pillar is governance and capacity building. The government needs to strengthen the capacity of its workers to understand the issues and deliver on them.” He commended the Federal Government for the plan, and urged it to set up a delivery and monitoring unit to ensure implementation of the strategies outlined in the ERGP. Mailafia welcomed the proposal and drew reference to two successful examples in Britain and Rwanda. ”Tony Blair, the former Prime Minister of Britain employed a delivery expert, Michael Barber and he helped him to set the Prime minister’s Strategy and Delivery Unit which was successful. ”Also, Rwanda has done well in terms of policy implementation and delivery. We can learn lessons from these two countries. What are the lessons.’’ Mailafia said that the coordination ministry needed a strong leader in the delivery unit with a strong team that could work together to drive the implementation. The expert said it needed strong performance indicators and the indicators should be measurable. ”It needs back up at the highest level. The Presidency must support them, ministers must support them. ” They should report what works, report what does not work, speak truth to power, get the policy rolling and if there are any lapses, report those lapses. ”It should also engage with the relevant Ministries, Departments and Agencies (MDAs) to find practical solution, people who are not performing should be checked out,’’ he said.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.