The Governor of Lagos state, Akinwunmi Ambode has applauded the monetary policy put in place by the Central Bank of Nigeria (CBN), describing it as a right step to curtail economic saboteurs.
The Lagos state Governor gave the commendation while addressing participants of the 3rd Economic Outlook Summit organised by the Network Business Club of the Redeemed Christian Church of God, RCCG, City of David Parish, Victoria Island, Lagos.
Governor Ambode who was ably represented by Akinyemi Ashade, the Honourable Commissioner for Economic Planning and Budget said the Federal Government in conjunction with other states across the country deserve commendation for emulating Lagos State’s strategy in generating internal revenue.
He added that; “Lagos State adds 35 percent to the nation’s GDP through internally generated revenue, IGR. I admire the innovative step taken by other states who find it paramount to generate revenue in a critical time like this,”
Present at the forum was the former Deputy Governor of Central Bank of Nigeria and Chairman of the Net-Work Business Club, Dr. Ernest Ebi who added that; “What is happening presently is a global issue and not peculiar to Nigeria. The devaluation of the naira came at a very critical time when crude oil price has reduced to $29 dollars per barrel. The main problem is China. China’s economy plummeted from 11% double digit to about 7%. It’s worrisome to the whole world because of the huge impacts on commodity prices. Whatever is affecting the world will definitely affect Nigeria. It is left for us to have our own home-grown approach on how to deal with it.
“With the 2016 Budget, the government plans to engage a counter cyclical approach to stimulate the economy by creating jobs. Surprisingly, it is during volatility that people make money. So, Nigerians should look at the bright side of life.”
To buttress what Dr. Ebi’s views, renowned economist and Managing Director of Financial Derivatives Ltd, Bismarck Rewane, pointed out that “It is erroneous to think that some people can sabotage the economy.”
He urged Nigerians to re-adjust there spending habit because th year 2016 will be a tough one economically speaking. Adding that; “On the contrary, devaluation is destructive to any economy. But exchange rate flexibility will lead to significant adjustment to the official rate of N220 – N240 to one dollar”.