The Association of Corporate Affairs Managers of Banks (ACAMB) has pushed for the fiscal and monetary authorities to work together actively to solve any obstacles preventing the expansion of the Organized Private Sector (OPS) and to boost the real economy.
Ex-ACAMB President Eddy Ademosu cited the impact of the macroeconomic headwinds on business operations in Nigeria at a media briefing to announce ACAMB’s first National Stakeholders Conference in collaboration with OPS, scheduled for Wednesday, August 3, 2023. He emphasized the need for the authorities to develop a more focused strategy that will empower indigenous operators and stimulate their interest in investing.
According to him, the government might draw in more investment if it reevaluated its fiscal and monetary strategy and made sure that it supported productivity and the real economy.
He made the point that the macroeconomic environment is not promising for the economy if it has gotten so bad that it cannot support a functional productive sector.
Government programs and policies are at the center of everything. We can start to notice the effects on the economy once they have harmonized those industries. Sadly, it isn’t what we are seeing right now. At this point, it’s crucial to maintain control over both fiscal and monetary policies and to allow them to work together so that even the exchange rate can stabilize.
Rasheed Bolarinwa, president of the ACAMB, had earlier stated that the conference will offer long-term answers to the ongoing conflict between the industry and the OPS.
As far-reaching solutions to help reposition the economy would be presented during the meeting, he claimed that tackling Nigeria’s economic difficulties would be the conference’s main focus.