By Rukayat Moisemhe
Experts have stressed the need for proper management of fiscal and monetary challenges of the country for macroeconomic stability.
They spoke at the Annual Public Lecture of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) hybrid event on Thursday in Ibadan.
The News Agency of Nigeria (NAN) reports that the event had as its theme :”The Dynamics of Leadership in Fiscal and Monetary Policies: The Central Bank of Nigeria in Perspective.”
Fiscal policy involves the use of government spending and revenue to impact several aspects of the economy while monetary policy is used to manage economic fluctuations and achieve price stability.
Godwin Oyedokun, Professor, Accounting and Financial Development, Lead City University, Ibadan, said overarching goal of monetary and fiscal policies would create an economic environment for stable and positive growth and stable and low inflation.
Oyedokun stated that in this current complex and interconnected global economy, effective leadership in fiscal and monetary policies played a crucial role in shaping a nation’s economic trajectory.
He noted that the CBN’s role in fiscal and monetary policies entailed collaboration and coordination with other financial regulatory bodies, government agencies, and international institutions.
He said other roles include actively engaging with stakeholders to share insights, exchange knowledge, and promote policy coordination and fostering a cohesive approach towards achieving common economic objectives.
The Prof said challenges affecting the CBN role include external factors such as fluctuating oil prices, global economic conditions, and geopolitical developments pose uncertainties that require astute leadership.
He added that addressing structural issues, fostering financial inclusion, and ensuring inclusive growth remained critical areas where leadership efforts need to be intensified.
On the way forward, Oyedokun said the CBN should focus on strengthening its institutional frameworks, investing in capacity building, and leveraging technological advancements.
“CBN could foster a culture of innovation, continuous learning, and adaptability, enhance its leadership capabilities, effectively respond to emerging trends, and drive sustainable economic growth.
“CBN should embrace transparency, accountability, collaboration, and innovation; navigate the dynamics of leadership in fiscal and monetary policies, contribute to Nigeria’s economic development and welfare of its citizens,” he said.
Dr Nkemdilim Iheanachor, Senior Lecturer, Strategy and International Business, Lagos Business School (LBS), stressed the need for reform of key institutions crucial to the implementation of economic policies and reforms.
Iheanachor said that previous policy reforms had proven not to be enough hence the need for institutional reforms, addressing of social defects and liberation from state capture.
He said Nigeria’s structural issues include anaemic growth, misallocation of resources, bottlenecks, inflation, poverty and lack of transparency within institutions.
Iheanachor noted that recent major policy pronouncements by the President Bola Tinubu led administration was remarkably rapid but needed speed on institutional reforms.
“Economic reforms must be accompanied with social safety nets and targeted support for vulnerable population to mitigate the negative social consequences that may erupt from policy changes.
“Change in market structure without alteration in foreign exchange supply will keep the market in disequilibrium.
“The next steps include tightening monetary conditions, eliminating foreign exchange restrictions (ban towards the rate of inflation on 43 items on the I& E window).
“Nigeria must begin to churn out export-oriented policies, eliminate structural bottlenecks that constrain production and export activities,” he said.
Mrs Funmilayo Ekundayo, President, ICSAN, said the public lecture was an established platform through which the institute contributes to national discourse on trending issues of national or global significance.
Ekundayo stated the event’s theme was underscored by recent experiences in the CBN’s implementation of some important macroeconomic policies and its attendant multifarious hiccups.
She noted that as a governance body, the institute was concerned about how the CBN conceives and implements its monetary policies because of its far-reaching consequences for the nation’s growth and development.
“It is for these reasons that we have assembled at this year’s public lecture, resource persons who both understand the dynamics of the CBN’s roles and responsibilities and the implication of its policies on economic sustainability.
“By the very fact of their deep understanding, the faculty we have here today are able to offer pragmatic recommendations to guide and orientate the apex bank in its policy formulation and implementation for our collective interests.
“Questions like “How do we manipulate the macroeconomic variables to achieve a stable economy? How do we tame the monster of continuous rise in headline inflation? among others would be addressed satisfactorily today.
“We believe that by such interrogations of our realties, we can achieve some common well thought-out consensus on how to move our country forward economically,” she said. (NAN)(www.nannews.ng)
Edited by Chinyere Joel-Nwokeoma