THE Federal Government has been advised to hit the ground running, in ensuring that immediate challenges besetting the economy are effectively addressed.A former Governor of the Central Bank of Nigeria (CBN), Ola Vincent, gave this advice, while speaking at the yearly dinner of the International Chamber of Commerce (ICC) Nigeria.Vincent, who was Governor of Central Bank of Nigeria (CBN) from 1977 to 1982 said 'Nigeria should aim to do better than it is doing now, and not be talking about becoming one of the largest economy in 2020.'He explained that the current economic challenges, if not addressed now, could compromise achievement of any long-term economic plan.The former CBN boss noted that the way people talk about Nigeria achieving Vision 20:2020, assumes that the countries presently in the group of 20 largest economies have stopped growing, adding that this is further from the truth.According to him, these countries will not stop for Nigeria to catch up with them.'They are also working to improve their economy and hence increase their growth. That is why achieving that feat requires urgent steps to improve the economy. My advice is that we should focus on improving on where we are today, doing better that we are presently doing.'Nigeria is not going anywhere if the problem of power is not solved. Government has been talking about increasing generation to 4000 or 5000 megawatt but this should not be the goal. We should be talking about how to generate 40,000 mega watts in three years. So, government must move quickly in the direction of producing enough power for the country.'Vincent, who was the special guest of honour at the occasion, said that a critical ingredient missing in present efforts to develop the economy is planning, stressing that more efforts and resources should be devoted to this issue.He also observed that the greatest impediment to development in the country is corruption. 'Those who practice corruption inhibit development. If corruption predominates, development would be lacking. What they do not realise is that if the money they steal is properly allocated to developing the economy, there would be money to share.He expressed opposition to the proposed removal of subsidy, saying that what the Federal Government should do is to reduce its running cost, starting with reducing the number of Special Advisers to the President.Besides, he said the government should reduce the salaries of political appointees as it is been done in other climes.The 2011 ICCN dinner was also used to mark the 80th anniversary of ICC Banking Commission in Nigeria.Commending the commission, Chairman ICCN, Babatunde Savage, said 'the ICC Banking Commission, (as a commission of the ICC), is a leading global rulemaking body for the banking industry, producing universally accepted rules and guidelines for international banking practice, notably letters of credit, documentary collection, demand guarantees and bank-to-bank reimbursement and bank guarantees.'Recently in China at the ICC 80th Anniversary of the Banking Commission with the theme 'Shift in Trade', members of the ICC Nigeria Banking Commission were present. What you see here tonight is the celebration by the Nigerian Chapter, which brings to fore our admiration and commendation of the dedication of members of the Banking Commission in creating rules of practice recognised all over the world.'Looking ahead, the ICC Banking Commission plans to continue to expand its horizon in traditional trade services, Open Accounts and Supply Chain Financing in particular, Bank Payment Obligations (BPO) project, Global Regulatory, legal and Compliance, Risk and Asset Management,' he said.
Click here to read full news..
