Fiscal and Monetary Policies: Can You Fix Nigeria Series – Episode 7

‘Can You Fix Nigeria’ Series – Episode 7

In October 2020, after observing the drift that Nigeria was experiencing, the slow response to the COVID crisis and the general hopelessness of the citizenry, Culbeat Foundation initiated a series of non-partisan policy talks to re-evaluate the problems facing Nigeria.

There are strict rules in place to avoid partisanship and online abuse. To open our minds in order to discuss issues concerning Nigeria. This series is tagged the Can You Fix Nigeria Challenge.

It is our pleasure to serialise these discussions with you via News Round The Clock.

Episode 7 – Fiscal and Monetary Policies

For week 7 of the, ‘Can You Fix Nigeria’ challenge, I spoke with Dr Olutoyin Oyelade to discuss key stakeholders in fiscal and monetary policymaking in Nigeria. And the challenges facing the financial sector of the Nigerian economy.

We started the discussion by trying to differentiate the roles of the Central Bank of Nigeria (CBN), and the Federal Ministry of Finance. Including an understanding of what is the division of responsibility between the two entities.

We also covered the issue of interest rates on loans and the impact that the high-interest rate has on businesses. Mainly the small & medium-sized enterprises (SMEs) – what are the drivers for these high-interest rates and what measures can be taken to ameliorate its impact on Nigeria’s economy.

Lastly, we discussed the place of developmental banks on how to build up Nigeria’s economy. And whether these developmental banks can be re-focus in these times of high unemployment and economic recession.

This episode’s guest

Dr Olutoyin Oyelade is a Social Entrepreneur, Financial Expert, Banker and Academic. She is the Chief Executive at the InvCap Corporation LLP and the President at Casa Foundation. She is a graduate of Ondo State University (now Ekiti State University) Ado-Ekiti. Toyin also holds MBAs from the O.A.U, Ile-Ife and the Lagos Business School (LBS). As well as a PhD from the University of Maryland in the US. And a diploma from the IMD, Switzerland and an AMP from Wharton, University of Pennsylvania, USA.

About Culbeat Foundation

Culbeat Foundation for Social Development was founded in 2008 and is a registered charitable organisation. We focus on the areas of Education, Youth Development, Healthcare Support and Policy Advancement.

Our motto is “re-defining Nigerian values.”