Senator representing Kaduna Central in the red chamber of the National Assembly, Uba Sani, who was at this year’s International Monetary Fund (IMF) World Economic Outlook session on Tuesday harped on the role of Nigeria on the new global economic outlook.
The first timer in the House said, part of Nigeria’s economic priorities would be placed on agriculture and manufacturing sectors, with potential for a major boost to job creation.
The session according to the Senator, focused on Strengthening Financial System Stability and some of the emerging ways to build a more resilient financial system.
According to him, the speakers discussed policy options that can help build financial system buffers, reduce spillovers, and prevent potential shocks to the global financial system.
“This topic is particularly useful in the Nigeria context as we work to maintain oversight on the actions of regulators and operators that deal with our financial institutions,” he said.
According to an earlier IMF World Economic Focus report, the pace of global economic activity has remained weak after slowing sharply in the last three quarters of 2018.
Accordingly, the report says, momentum in manufacturing activity, in particular, has weakened substantially, to levels not seen since the global financial crisis.
“Rising trade and geopolitical tensions have increased uncertainty about the future of the global trading system and international cooperation more generally, taking a toll on business confidence, investment decisions, and global trade.
“A notable shift toward increased monetary policy accommodation—through both action and communication—has cushioned the impact of these tensions on financial market sentiment and activity, while a generally resilient service sector has supported employment growth,” the report say.
Sent By Sola Ojo, Kaduna