CPPE lauds Salami’s appointment, sets agenda

The Centre for the Promotion of Private Enterprise CPPE, an economic and private sector think tank, has applauded the appointment of Dr Doyin Salami as the Chief Economic Adviser to the President. The Centre’s chief operating officer Dr. Muda Yesuf reacting to the appointment said “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”.

It further said “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. 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. Propose sustainable mix of policies to stem the intense inflationary pressures in the economy; ensure the effective coordination between the fiscal and monetary policies; ensure synergy between key economic and investment ministries and agencies to ensure policy and regulatory coherence; infuse a general equilibrium mindset in the policy making processes to ensure a broaden comprehension of the impact of economic policies.

Other policy measures proposed are 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; fixing the port congestion crisis, cargo clearing constraints and traffic gridlocks along the Lagos ports corridor; foster a regime of trade facilitation culture among the agencies at our ports; encourage a review of the Cash Reserve Requirement for better financial intermediation in the banking system.