CPPE advises Buhari’s new economic adviser on forex, others

Prof-Doyin-Salami

The Centre for the Promotion of Private Enterprise has advised the new Chief Economic Adviser to the President, Dr Doyin Salami, to ensure a revamp of the nation’s economy for accelerated recovery and growth.

The organisation, in a statement on Wednesday, set a 10-point agenda for the new CEA.

It stressed the need for the institution of a market-based foreign exchange policy framework to correct current distortions bedevilling the foreign exchange market.

“This would ensure the normalisation of the foreign exchange market and unlock capital inflows into the economy,” it said.

The CPPE said Salami should propose sustainable mix of policies to stem the intense inflationary pressures in the economy and ensure the effective coordination between the fiscal and monetary policies.

It advised him to “ensure synergy between key economic and investment ministries and agencies to ensure policy and regulatory coherence, and infuse a general equilibrium mindset in the policy making processes to ensure a broader comprehension of the impact of economic policies”.

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The organisation highlighted the need to promote the reduction of fiscal deficit monetisation because of the profound inflationary outcomes, promote the philosophy of a level playing field for all investors in the economy, and fix the port congestion crisis, cargo clearing constraints and traffic gridlocks along the Lagos ports corridor.

It also advised the economic adviser to foster a regime of trade facilitation culture among the agencies at our ports, and encourage a review of the cash reserve requirement for better financial intermediation in the banking system.

According to the CPPE, Salami’s appointment will bring sound economic principles, macroeconomic stability, investment growth, and improve the welfare of citizens.

It added that his appointment could be an attempt by the President, Major General Muhammadu Buhari (retd.), to reset the economy and correct distortions that had undermined investors’ confidence over the last couple of years.

According to the CPPE, the impact of the appointment will be felt only to the extent that Salami’s advice and that of the economic advisory council are adopted and implemented.

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Contact: [email protected]

Contact: [email protected]

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