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Business 2016: FDC MD Bismark Rewane Proffers Solution to Nigeria's Economic Problems


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Managing Director of Financial Derivative Company, Bismark Rewane, while analysing the economic situation of Nigeria suggested actions that'll help solve the problems betiding the country's economy.

“The country is in crunch time. Government has budgeted 25 increases in expenditure; subsidy has been removed. But the missing thing is monetary policy stability. The exchange rate policy needs to be changed.

"We had money in the past and squandered it. Now crude oil price is less than the budgeted crude oil bench mark by the Federal Government in 2016 budget. The economic reality is that 2016 would be worst for sub Saharan Africa countries. Most country would seek IMF support, but Nigeria not inclusive. The increase in interest rate in US will continue and this will likely affect some countries.”

While, proffering solution to Nigeria’s dwindling economy, Rewane said there is need for the monetary policy to compliment the fiscal policy. "There should be exchange rate adjustment to enhance investors’ confidence," he said.

"Also, there is need for more investment in the country. So government must provide infrastructure and the ease of doing business in the country must be enhanced. Presently, the exchange rate is inefficient, so the potentials are enormous for the country.

"We get N21 billion remittances a year into Nigeria from people living abroad. So, if there is stability in exchange rate people will be willing to invest in the country. Investment is what is needed to grow the economy.”
 

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