Economic reforms, passage of bill will boost Nigeria’s economy —Control Risks
By Peter Egwuatu
Control Risks, a global risk consultancy firm, yesterday said that the Federal Government fight on corruption, economic reforms and quick passage of some important bills before the National Assembly will boost the economy. The firm also advocate for the devaluation of naira stating that the prevailing turf economic environment is causing some foreign firms to leave the country despite the huge potentials it possess. Speaking to newsmen on Riskmap in 2016, Mr. Tom Griffin ,Managing Director,West Africa Control Risks said, President Muhammadu Buhari begins work on reforms amid continued economic challenges, stressing that budget commitment go unmet while non oil proves difficult to raise. According to him “Despite some improvement in corruption, the regulatory environment remains complex I think they is need to devalue the naira and allow market forces play its role. The government needs to devalue the currency to ease pressure on the budget deficit as oil prices continue to fall. Structural weakness undermines attempts to transform agriculture and manufacturing into businesses that can compensate for depressed oil prices. Meanwhile, foreign investors, sensitive to currency risk wary of committing to Nigerian projects” In his own view on scenario development in the country, Daniel Magnowski said “ Armed activity in the Niger Delta rises as the government reduces funding for the amnesty programme for former militants. The regional security environment remains challenging and complex.” According to him “The government, fearful of outbreaks of violence extends the amnesty programme, but reduces payments, for whom job opportunities remain scarce. Criminal, community and small militant groups lack the capability to launch large scale attacks on large facilities such as power stations or terminals, but pipelines remain vulnerable to sabotage, particularly in riverine swamp areas. Speaking, Gbenga Abosede, Associate Director, Compliance , Forensics and Investigations and Technology, West Africa Control Risks said “ Anti corruption crusade of the Buhari’s administration is good for the country as tighter presidential control of government and a well publicized zero tolerance approach lead to a reduction in high level political corruption and will attract investors. We want to see the administration pass major bill by the end of 2016; however better equipment boosts security efforts against Boko Haram, breaking a key Buhari’s promise.”
Read more at: http://www.vanguardngr.com/2016/02/economic-reforms-passage-of-bill-will-boost-nigerias-economy-control-risks/
Control Risks, a global risk consultancy firm, yesterday said that the Federal Government fight on corruption, economic reforms and quick passage of some important bills before the National Assembly will boost the economy. The firm also advocate for the devaluation of naira stating that the prevailing turf economic environment is causing some foreign firms to leave the country despite the huge potentials it possess. Speaking to newsmen on Riskmap in 2016, Mr. Tom Griffin ,Managing Director,West Africa Control Risks said, President Muhammadu Buhari begins work on reforms amid continued economic challenges, stressing that budget commitment go unmet while non oil proves difficult to raise. According to him “Despite some improvement in corruption, the regulatory environment remains complex I think they is need to devalue the naira and allow market forces play its role. The government needs to devalue the currency to ease pressure on the budget deficit as oil prices continue to fall. Structural weakness undermines attempts to transform agriculture and manufacturing into businesses that can compensate for depressed oil prices. Meanwhile, foreign investors, sensitive to currency risk wary of committing to Nigerian projects” In his own view on scenario development in the country, Daniel Magnowski said “ Armed activity in the Niger Delta rises as the government reduces funding for the amnesty programme for former militants. The regional security environment remains challenging and complex.” According to him “The government, fearful of outbreaks of violence extends the amnesty programme, but reduces payments, for whom job opportunities remain scarce. Criminal, community and small militant groups lack the capability to launch large scale attacks on large facilities such as power stations or terminals, but pipelines remain vulnerable to sabotage, particularly in riverine swamp areas. Speaking, Gbenga Abosede, Associate Director, Compliance , Forensics and Investigations and Technology, West Africa Control Risks said “ Anti corruption crusade of the Buhari’s administration is good for the country as tighter presidential control of government and a well publicized zero tolerance approach lead to a reduction in high level political corruption and will attract investors. We want to see the administration pass major bill by the end of 2016; however better equipment boosts security efforts against Boko Haram, breaking a key Buhari’s promise.”
Read more at: http://www.vanguardngr.com/2016/02/economic-reforms-passage-of-bill-will-boost-nigerias-economy-control-risks/
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