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Business & Finance

How President Buhari’s FG Can Fix Nigeria’s Economic Crisis – Okonjo-Iweala Profers Solution

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As Nigeria faces its worst economic crisis in decades, the immediate past Finance Minister, Ngozi Okonjo-Iweala has aired her views on how the President Buhari-led federal government can revive the economy.
Speaking in an exclusive interview on Aljazeera TV programme, The Stream, the immediate past Minister of Finance, Ngozi Okonjo-Iweala, said on Monday that having a handle on Nigeria’s spiralling inflation, foreign exchange problem, fiscal deficit and debts control were key to resolving the country’s current economic crisis.
According to Premium Times who monitored the interview, she revealed further that focusing on the basic issues of macroeconomic stability was crucial to fixing the country’s economic challenges.
 
“If you don’t pay attention to the fundamentals of having a stable and good exchange rate policy, inflation under control, manageable fiscal deficit and debts, there will continue to be trouble in the economy,” she said.
It can be recalled that Nigeria’s economy slipped into recession after contracting in the first two quarters of 2016, and is currently facing its worst economic crisis in decades.
National Bureau of Statistics reported some weeks ago that inflation jumped from 16.2% in July to 17.1% in August 2016.
The former World Bank Managing Director, told Al Jazeera that she remained optimistic that solutions to the country’s economic decline could still be found.
Asked what would be her top three priorities to resolve the country’s current economic crisis if she had remained the finance minister, Mrs. Okonjo-Iweala said she would prefer the current managers of the economy talk about it.
“I have contributed the best I could to the country. It is still the most interesting country in the world. It is better to leave those who are managing now to say what they would do.
 
“All I can say is that there are solutions. Nigeria is a vibrant country. I love it so much. I know it is going to come out of this one way or another,” she said.
On if President Muhammadu Buhari were to ask her to come and help in resolving the country’s economic crisis, Mrs. Okonjo-Iweala said: “One of the things you learn as you get wiser is to talk less as you grow older.
 
“I have spent my time contributing to the country. It will be better to leave those managing the economy to do what they know how to do.
 
“I served my country for seven years and it was a great honour. The second time was very tough, but it was still an honour. I am not the only person who is a repository of knowledge. There are other people who can equally try their hands in running the economy.”
On the continental scale, Mrs. Okonjo-Iweala, expressed regrets the economic gains recorded in Africa have started being eroded in the last two to three years.
 
“On the continent, we have seen a period when the economy was doing relatively well. It’s only in the last two to three years that things have started to go a bit south.”

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