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Nigeria’s Economic Structure Obstructs Development – Ogunseye

A Development Expert Bolaji Ogunseye, has said that the way Nigeria is structured will not bring economic development or get the country out of recession. … Continue reading Nigeria’s Economic Structure Obstructs Development – Ogunseye


ogunseyeA Development Expert Bolaji Ogunseye, has said that the way Nigeria is structured will not bring economic development or get the country out of recession.

He noted that there is no synergy between the Ministry of Finance and the Central Bank of Nigeria (CBN).

Speaking as a guest on Channels Television’s breakfast programme, Sunrise Daily, Mr. Ogunseye stated that one of the major concerns of the Federal Government and the Ministry of Finance is how to get out of the current recession affecting the nation.

While for the CBN, their concern is how the foreign exchanged is managed, trade, inflation, policy conditions of portfolio investment.

He mentioned that both the government (Ministry of Finance) and the CBN are not coming out with a clear economic roadmap.

“The monetary authorities see themselves as having a mission that are opposed to a binary way, both of them are arguing over, 30 percent of the fundamental issues affecting the Nigerian economy”.

He further stated that part of the issue affecting the country is not being able to achieve inclusive growth.

Comparing the economy of China to Nigeria, he said China is growing at 6% despite their economic challenges.

Achieving Inclusive Growth

For inclusive growth to be achieved, Mr Ogunseye noted the two monetary policies (CBN and Ministry of Finance) should be able to manage poverty and gradually build or transit to a middle class economy.