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Abuja — Important economic figures have demanded that Nigeria’s fiscal and policy reforms be more deliberate and coordinated. Christian Ebeke, IMF Resident Representative for Nigeria; Dr. Tayo Aduloju, CEO of the Nigerian Economic Summit Group; and Dr. Jumoke Oduwole, Minister of Industry, Trade, and Investment, were among the speakers at a high-level discussion on the country’s economic future. They emphasized the ambitious measures that have been taken thus far as well as the areas that require immediate improvement.
Dr. Tayo Aduloju emphasized that without solid evidence, inclusivity in policy discussions is ineffective.
He emphasized the necessity for data-driven reforms by saying, “We are holding a company, not designing policy.”
Read Also: Taiwo Oyedele Urges Credible Data, Not Populism, in Nigeria’s Tax Policy Design
Recognizing recent noteworthy actions, the panel called the elimination of fuel subsidies and the harmonization of several foreign exchange rates “bold and unprecedented moves.”
“Removing subsidies was a historically audacious move. Dr. Jumoke Oduwole remarked, “It was historically bold to remove historic multiple FX rates, with foregone premiums up to 65-70%.”
But the experts also considered what might have been done more effectively. Despite the policy changes being accompanied by an executive order, which is unprecedented in Nigerian history, they identified implementation shortcomings.
Why didn’t we accomplish our goals in the initial implementation of a strategy that gave priority to procurement, the use of commodities created in Nigeria, and the coordination of the AfCFTA ecosystem? Although a lot had been going on, one speaker pointed out that there was room for improvement in terms of synergy.
Christian Ebeke emphasized the session’s overall message as she wrapped it up.
“It requires intentionality and sincerity of purpose, whether it is tax and fiscal reforms, strengthening public institutions, or fostering innovation for Nigeria’s future,” he stated.
Nigeria must concentrate on deliberate, well-coordinated changes to ensure sustained growth, even though bold moves have been taken, the conversation emphasized.
