The former Minister of Finance and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, in a statement insisted that growth and development can not be achieved in the country as long as it has loopholes in its foreign exchange rates.
This statement is coming after the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, promised that the nation’s ailing economy will be out of recession by the end of the third quarter of 2017.
According to Okonjo“You can have development that takes specific country and context specific situations in hand and begin from there,” she said.
“So, the proposals for industrial parks, industrial zones or what you want to call them as a way of kicking off development in a country fits within this context. For me, I think we should just absorb the lesson that there is no one correct answer to economic growth and development. There is no one path.
However,“There are some specific and fundamental principles that are important, which, if you do not observe, you will not take off. And I think, even with this, you would agree; if your prices are not right within the economy, it is still not going to work. she said
“And when I mean prices, I think like, if you have a distorted exchange rate regime, if you have very severe distortions within the economy, that are fundamental to macroeconomic stability, it is not going to work.
“So we can outline those principles, and say you need to observe certain principles; these are not conditionalities or 450 prescriptions we are talking about. They are just certain basic principles that underpin development,” she added
Furthermore the Ex Minister said “We forget that even in those countries where the economic theories we are expounding were born and are being practised that there is an acknowledged role for the state.
“That there are market imperfections and failures, where we have to call in other instruments other than the market. These are things we need to bear in mind”, she said.
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