given the fragile recovery from the global health crisis, coupled with long-standing infrastructural challenges, more action is required.
“For example, I believe this is the right time we start addressing the housing deficit by making a big push in mortgage financing to reduce the 22 million housing deficits in Nigeria. We also need to put in place a trade policy that will encourage SMEs, and boost non-oil exports, as well as invest more in infrastructure and the digital economy,” he said. “This offers opportunities for investments and job creation that will boost economic growth in the near term. However, it will require mobilising private sector funds, especially in the light of Nigeria’s huge investment requirements and limited fiscal space.”
During the meeting, the Deputy Governor, Operations Directorate, Adebisi Shonubi, pointed out that the recent economic downturn was purely on account of external shock, which emphasises the need to enhance domestic investment and productivity to reinforce internal stability of the economy.
“Interestingly, the speed and source of our recovery underscored the fact that recent economic downturn was strictly on account of external shock and not due to a weakness in domestic macroeconomic fundamentals,” he said.
“We must therefore take more steps to enhance domestic investment and productivity, as well as reinforce the internal stabilisers of the economy. Considering the observed gradual but steady positive outcomes of the current policy mix, I am convinced that as we strengthen implementation of the intervention programmes, we should maintain the status quo, and allow more time for the manifesting gains to fully mature.”
