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The Nigerian Economic Summit Group (NESG) has appealed to President Umaru Musa Yar Adua to extend the type of reform currently going on in the banking sector to other areas of the economy.
President of NESG, Mazi Sam Ohuabunwa, made the summit's view known when he responded to questions from State House Correspondents at the end of the group's meeting with the President yesterday at the Presidential Villa in Abuja.
Ohuabunwa said they told Yar'Adua that while NESG acknowledged the important role the banks play in the economy, they believe that there are other important segments that require similar reforms.
In addition, the group said they told the President that all the reforms and actions emanating from the Federal Government should be carried out within the law, bearing in mind the rule of law mantra of the administration.
The NESG president said the group was at the State House to invite Yar Adua to its 15th Summit, which would be held at Transcorp Hilton Hotel, Abuja, between December 15 and 17, 2009.
We told the President that the regulatory strengthening that we are asking for is not only in banking but there should be strengthening of regulatory functions in all facets, he stated.
Banking is important, but there are other important segments that should be looked into. That is one of the things we told the President, Ohuabunwa added.
Also, the group said they commended the President for the administration's efforts in stabilizing the country's macro-economy in terms of foreign exchange rate, inflation as well as the performance of the 2009 budget.
There is so much we have achieved. We have begun to see that our ability to meet budget is improved. Last month, the ministers read out their budget performance and if you listen for the first time we are hearing figures of 60, 70 but before we used to hear 20, 25, so there is improvement in budget implementation, he declared.
Ohuabunwa pointed out that even inflation rate was dropping from available figures. According to him, this development indicates that the economy is fairly well managed.
He stated that in spite of all, there is high unemployment rate. He added that poverty is still quite high in the country.
The group advised the government to create an enabling environment that would support private sector investments. A combination of different factors will help improve conditions in the long term, the group stressed.
It is not just one sided thing it is a collaborative thing, Ohuabunwa said.


		Wednesday 2/9/ 2009
		Extend Reforms to Other Sectors, Says NESG
		The Nigerian Economic Summit Group (NESG) has appealed to President Umaru Musa Yar Adua to extend the type of reform currently going on in the banking sector to other areas of the economy. President of NESG, Mazi Sam Ohuabunwa, made the summit's view known when he responded to questions from State House Correspondents at the end of the group's meeting with the President yesterday at the Presidential Villa in Abuja. Ohuabunwa said they told Yar'Adua that while NESG acknowledged the important role the banks play in the economy, they believe that there are other important segments that require similar reforms. In addition, the group said they told the President that all the reforms and actions emanating from the Federal Government should be carried out within the law, bearing in mind the rule of law mantra of the administration. The NESG president said the group was at the State House to invite Yar Adua to its 15th Summit, which would be held at Transcorp Hilton Hotel, Abuja, between December 15 and 17, 2009. We told the President that the regulatory strengthening that we are asking for is not only in banking but there should be strengthening of regulatory functions in all facets, he stated. Banking is important, but there are other important segments that should be looked into. That is one of the things we told the President, Ohuabunwa added. Also, the group said they commended the President for the administration's efforts in stabilizing the country's macro-economy in terms of foreign exchange rate, inflation as well as the performance of the 2009 budget. There is so much we have achieved. We have begun to see that our ability to meet budget is improved. Last month, the ministers read out their budget performance and if you listen for the first time we are hearing figures of 60, 70 but before we used to hear 20, 25, so there is improvement in budget implementation, he declared. Ohuabunwa pointed out that even inflation rate was dropping from available figures. According to him, this development indicates that the economy is fairly well managed. He stated that in spite of all, there is high unemployment rate. He added that poverty is still quite high in the country. The group advised the government to create an enabling environment that would support private sector investments. A combination of different factors will help improve conditions in the long term, the group stressed. It is not just one sided thing it is a collaborative thing, Ohuabunwa said.