CPPE applauds Salami’s appointment, sets agenda for him

Here is the full text of the statement of Dr Muda Yusuf, Chief Executive Officer, CPPE on appointment of Dr Doyin Salami:

The Centre for the Promotion of Private Enterprise [CPPE], an economic and private sector think tank, applauds the appointment of Dr Doyin Salami as the Chief Economic Adviser to the President.

Dr Salami is bringing to this position a pedigree of intellectualism and robust knowledge of the nexus between sound economic principles, macroeconomic stability, investment growth and the welfare of the citizens.

Though coming rather late in the life of the administration, it is a fitting appointment nonetheless. It is worthy of note that Dr Doyin Salami is the current Chairman of the Presidential Economic Advisory Council.

His appointment perhaps signals the aspiration of President Buhari to reset the economy and correct some glaring distortions that have been undermining investors’ confidence over the last couple of years.

It is imperative to refocus economic management strategy for growth, efficiency, productivity, sustainability and inclusion.

However, the impact of the appointment would be felt only to the extent that his advice and that of the economic advisory council are adopted and implemented to shape the course of monetary, fiscal and regulatory policies as well drive vital reforms.

TEN POINT AGENDA FOR THE CHIEF ECONOMIC ADVISER
The CPPE looks forward to the espousal of the following policy pathways to ensure a quick reset of the Nigerian economy for accelerated recovery and growth.

i. Institution of a market based foreign exchange policy framework to correct current distortions bedevilling the foreign exchange market. This would ensure the normalization of the foreign exchange market and unlock capital inflows into the economy.

ii. Propose sustainable mix of policies to stem the intense inflationary pressures in the economy.

iii. Ensure the effective coordination between the fiscal and monetary policies.

iv. Ensure synergy between key economic and investment ministries and agencies to ensure policy and regulatory coherence.

v. Infuse a general equilibrium mindset in the policy making processes to ensure a broaden comprehension of the impact of economic policies.

vi. Promote the reduction of fiscal deficit monetisation because of the profound inflationary outcomes.

vii. Promote the philosophy of a level playing field for all investors in the economy.

viii. Fixing the port congestion crisis, cargo clearing constraints and traffic gridlocks along the Lagos ports corridor.

ix. Foster a regime of trade facilitation culture among the agencies at our ports.

x. Encourage a review of the Cash Reserve Requirement for better financial intermediation in the banking system.

Dr Muda Yusuf is the Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE)