FG to engage experts to tackle economic challenges, says Osinbajo

Abuja (NAN)  Vice President Yemi Osinbajo on Tuesday reaffirmed the desire of the Federal Government to engage experts and stakeholders to solve the economic challenges facing the country.

He gave the indication when President Muhammadu Buhari’s Economic Management Team (EMT), held a consultative forum with a team of notable economic and financial experts at the Presidential Villa, Abuja.

At the meeting, strategies and suggestions on how best to revamp the economy, bring it out of recession and promptly restore growth topped the agenda.

Osinbajo said “we will continue to engage with experts and other stakeholders so we can measure progress of the economic policies that have been put in place.

“The challenges are many but the opportunities are much greater; we are clearly on the path to building an economy that will create jobs and ensure inclusive growth.”

The Vice President expressed President Buhari’s determination to continuously consider and adopt policies that would boost business, increase employment and provide succour to the poor and disadvantaged.

The EMT meets weekly and also holds special consultations with members of the private sector and economic experts from time to time.

Experts who attended the four-hour long special meeting were Mr Bismarck Rewane, Mr Bode Augusto, Prof. Akpan Ekpo, Dr. Ayo Teriba and Prof. Badayi Sani.

Issues included the review of the new foreign exchange regime and its effect on the economy as well as the draft Medium Term Economic Framework for 2017-2019.

The EMT members and the experts made suggestions on how to reflate the economy, especially through massive infrastructural spending with active private sector participation.

The members also suggested implementation of pro-people economic policies and increase in the supply of dollars to the forex market, among other issues.

Minister for Budget and National Planning, Sen. Udoma Udo Udoma told journalists that the meeting was to tap the expertise of stakeholders on how to tackle recession in the country.

He said the EMT was in the “middle of consultations to develop the new mid-term economic framework (M-TEF).

He said the meeting was “part of a comprehensive consultation process that we are embarking on to make sure that we reach out to a wide spectrum of Nigerians.’’

According to the minister, it is to get a feed back in terms of how best to make sure that we “come out of this recession.’’ (NAN)