The Centre for the Promotion of Private Enterprise(CPPE), has advocated re-engineering of forex market, even as it applauded the appointment of Dr Doyin Salami as the chief economic adviser to the president.
The chief executive officer of the centre, Muda Yusuf, said 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.
However, he said, the new appointee should urgently ensure a quick reset of the Nigerian economy for accelerated recovery and growth by instituting 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, he stressed.
The centre expects him to propose sustainable mix of policies to stem the intense inflationary pressures in the economy, ensure effective coordination between the fiscal and monetary policies and synergy between key economic and investment ministries and agencies to ensure policy and regulatory coherence.
Among other agenda set for him is the infusion of a general equilibrium mindset in the policy making processes to ensure a broaden comprehension of the impact of economic policies, promotion of the reduction of fiscal deficit monetisation because of the profound inflationary outcomes as well as promote the philosophy of a level playing field for all investors in the economy.
In addition, CPPE expects him to fix 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 and then encourage a review of the Cash Reserve Requirement(CRR) for better financial intermediation in the banking system.
Though coming rather late in the life of the administration, it is a fitting appointment nonetheless but is worthy of note that Dr Doyin Salami is the current Chairman of the Presidential Economic Advisory Council, Yusuf said.
Yusuf, further stated that 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.