LCCI clears up contradictions in FG's $1 trillion economic vision, MTEF

LCCI clears up contradictions in FG’s $1 trillion economic vision, MTEF


Chairman, Lagos Chamber of Commerce and Industry (LCCI), Dr. Chinyele Almona, has said that between the Federal Government’s vision of achieving a $1 trillion economy in the next six years and the Medium Term Expenditure Framework (MTEF) of 2024-2026, pointed out that there was a contradiction.

The head of LCCI said that the MTEF’s macroeconomic forecast shows economic growth rates of 3.76%, 4.22%, and 4.78% in 2024, 2025, and 2026, respectively, but the projected growth rate will not reach $1 trillion. He added that it was suboptimal. This means an average growth of 21% over the next six years.

He expressed deep concern about the deteriorating economic situation, particularly currency fluctuations, high inflation and general uncertainty, saying challenges and many others were having a negative impact on businesses and overall productivity. Ta.

“Over the years, the Chamber of Commerce and Industry has consistently expressed concern about the impact of soaring inflation, high interest rates and volatile exchange rates on businesses and households. “We recognize that we have significant challenges and difficult challenges in ensuring stability and restoring investor confidence,” she said.

Intellectual humility on the part of the CBN Governor in acknowledging past mistakes, particularly corporate governance failures, reduction of the CBN’s institutional autonomy, deviation from the Bank’s core mission, and unconventional use of financial tools and forays into banking. Evaluate the quality. Almona called on the current CBN team to ensure professionalism and integrity and rebuild public trust, especially when it comes to financial activities disguised as development finance activities.

She further commended the CBN Governor for his successful performance at CIBN’s annual Bankers Dinner and the grand finale of the institute’s 60th anniversary.

“With regard to bank recapitalization, the bank’s minimum We applaud the CBN’s plan to review its capital base.”The bank will provide the necessary support to the economy. However, we caution the CBN to strengthen banking supervision to avoid ‘too big to fail’ banks. ”

Given the sensitivity of monetary policy and price stability, he further urged to ensure transparency and synergy between monetary and fiscal authorities and to effectively communicate important changes in policy direction. He added that he had asked the CBN. He encouraged the CBN to adopt an appropriate policy mix to effectively curb high inflation and ensure exchange rate stability that supports growth and job creation, and also urged the apex bank to He urged them to be committed to promoting integrity, good corporate governance and the highest ethical standards. .

Source: guardian.ng

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