President Buhari's Economic Team Turns to Experts over Dwindling Economy

The fate of the naira which is the lifeline of Nigerian economy has constituted serious worries on the current economic team which has aroused questions of the capability of the team to fix the recurrent problems that have caused hardship in the country.

The present administration’s Economic Management Team on Tuesday held what it called a consultative forum with a team of economic and financial experts across the country, according to the Punch.

The meeting was meant to enable the team which consists of government officials only to engage experts on how to address the challenges facing the country’s economy which is currently in recession.

At the meeting presided over by Vice-President Yemi Osinbajo, suggestions on how best to reflate the economy, bring it out of recession and promptly restore growth were part of the agenda.

According to a statement by his spokesman, Mr. Laolu Akande, the Vice-President was said to have at the closed door session expressed President Muhammadu Buhari’s determination to continuously consider and adopt policies that would boost business, increase employment and provide succour to the poor and disadvantaged.

“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,” Osinbajo was quoted as saying at the meeting.

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

Issues discussed at the meeting were said to have 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.

There are fears that the worst maybe yet to happen as inflation cripples the Nigerian cash-trapped economy on a daily basis.