Can policies come to Nigeria's fiscal rescue?

Nigeria's fiscal and monetary authorities are implementing a range of policies aimed at revitalizing the economy, but there is a debate among economists about the effectiveness of these measures. Rotimi Oyekan, CEO of Phoenix Global Capital Markets and former Finance Commissioner for Lagos State, shared his perspective on the current economic landscape in a recent interview with CNBC Africa. Oyekan emphasized the need to balance growth with inflation while keeping foreign investors satisfied. He stressed the importance of attracting foreign portfolio investments to bolster reserves and stimulate economic growth. Oyekan recommended a focus on equity investment to bridge financial gaps in the economy, particularly for small businesses and manufacturers. He highlighted the lack of savings in Nigeria and called for policies that would enable states to provide equity support to stimulate production and employment. The conversation also delved into the necessity of a comprehensive economic plan that addresses both top-down and horizontal perspectives. Oyekan advocated for greater private sector involvement in key industries to drive employment and diversification. He underscored the importance of governmental efficiency at all levels to improve resource allocation and service delivery. Efforts to unlock private sector potential and asset value were seen as critical components of economic recovery. Oyekan cited examples such as leveraging housing equity and strategic asset monetization. He urged a shift in mindset towards partnership with the private sector and expedited implementation of economic policies to mitigate the ongoing economic challenges facing Nigeria. Addressing the urgency of the situation, Oyekan emphasized the need for emergency measures to reverse rising poverty levels and restore confidence in the economy. He highlighted the impact of effective planning and timely execution in achieving sustainable economic growth. Despite recognizing the time lag in policy effects, Oyekan called for enhanced engagement and transparency in communicating government plans to the public. He emphasized the need for a well-defined strategy that addresses immediate concerns while laying the foundation for long-term economic stability. In conclusion, Oyekan's insights underscored the complexity of Nigeria's economic landscape and the imperative of a multifaceted approach to drive growth and prosperity. By prioritizing efficiency, private sector collaboration, and strategic resource management, Nigeria can unlock its vast economic potential and chart a path towards sustainable development.