Buhari’s Economic Team consults financial experts on strategies to reflate the economy

Nigeria’s Economic Management Team on Tuesday consulted with some economic and financial experts  in the country to consider strategies that will help reflate the economy.

The Economic Management Team which is chaired by Vice President Yemi Osinbajo, reviewed the new foreign exchange regime and its effect on the economy as well as the draft Medium Term Economic Framework for 2017-2019.

Nigeria, one of Africa’s largest economy is said to be in technical recession having witnessed negative growth rate for two consecutive quarters.

A statement by the Vice President’s media aide, Laolu Akande said the EMT members and the experts also made a plethora of suggestions on how to reflate the economy, especially through massive infrastructural spending with active private sector participation, as well as ensure pro-people economic policies, increase the supply of dollars to the forex market among other issues.

“At the parley which held at the Presidential Villa, strategies and suggestions on how best to reflate the economy, bring it out of recession and promptly restore growth topped the agenda, with the Vice President expressing the President’s determination to continuously consider and adopt policies that would boost business, increase employment and provide succor to the poor and disadvantaged” Akande said.

Speaking at the forum, Akande quoted Osinbajo saying “we will continue to engage with experts and other stakeholders so we can measure progress of the economic policies that have been put in place. The challenges are many but the opportunities are much greater, we are clearly on the path to building an economy that will create jobs and ensure inclusive growth.”

The EMT meets weekly and also hold special consultations with members of the private sector and economic experts from time to time.

Experts who attended the four-hour long special meeting were Bismarck Rewane,  Bode Augusto, Prof. Akpan Ekpo, Ayo Teriba and Badayi Sani.

Minister for Budget & National Planning, Udoma Udo Udoma who is also a member of the EMT noted that
the meeting was “part of a comprehensive consultation process that we are embarking on how to make sure that we reach out to a wide spectrum of Nigerians to get a feed back in terms of how best to make sure that we come out of this recession”.