The federal government has been urged to ensure speedy implementation of measures aimed at reviving and further development of the nation economy. The President of the Chartered Institute of Stockbrokers (CIS), Mr Oluwaseyi Abe, made the call on Thursday day at the 20th annual conference of stockbrokers in Lagos organised by CIS. Abe, who expressed optimism in the potency of the government economic revival strategy, stated that growth should be equitable and inclusive for enhanced overall development of the economy.
According to him, the conference theme Building New Pillars, Creating New Values for Sustainable Development, was of particular importance, coming at a critical time when Nigeria economy is in a recession, with a threat of depression lurking around. Abe said Nigerian economy is precariously supported by a single pillar with oil as the mainstay, accounting for 90 per cent of exports, 25 per cent of Gross Domestic Product (GDP) and 80 per cent of government revenue.
He said as a result of this, when the global oil market shakes, our economy quakes. Abe noted that drastic change in global oil price destabilized government projections and depleted our foreign reserves because the structure of the economy is monolithic and not shock-resistant. He therefore, stressed the need to build more pillars for variegation and fortification of the economy. The CIS boss commended the Central Bank of Nigeria (CBN) for the re-modeling of the floating foreign exchange rate.