As Nigeria grapples with the present freefall of the Naira, a renowned administrator and economic strategist, Prince (Dr) Ifeanyi Ubani has offered a strategic roadmap aimed at stabilizing the currency.
Ubani, the African Representative of British African Business Alliance UK (BABA), said in Abuja that addressing the Naira’s crash requires religious implementation of fiscal policies, emphasizing financial prudence, fostering foreign investment, and targeted reforms in key sectors.
He emphasized the urgent need for the government to streamline expenditures, cut unnecessary costs, and prioritize key sectors for investment.
Dr Ubani stressed the importance of creating a sustainable fiscal policy to restore investor confidence and strengthen the economic foundation.
The economic strategist also advocated for a bold shift towards diversifying revenue sources beyond oil.
While encouraging investments in agriculture, technology, and renewable energy, Dr. Ubani highlighted the potential for economic resilience through a diversified portfolio.
He expressed confidence that by reducing dependency on a single sector, the Naira can better weather external shocks.
Dr Ubani who also sits as Executive Director of British Nigeria Business Network (BNBN) as Country Representative also called for a nuanced approach to monetary policy, recommending a balance between controlling inflation and supporting economic growth.
He suggested that the Central Bank of Nigeria should consider interest rate adjustments and prudent management of the money supply to strike this delicate balance.
A judicious monetary policy, according to him, is crucial for maintaining price stability and stimulating economic activity.