The West African Institute for Financial and Economic Management (WAIFEM) has advised the economic sustainability committee on Covid-19 to thoroughly look at the impact of the disease on the various aspects of the economy.
The Director General of WAIFEM, Dr Baba Musa, gave the advice in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos.
NAN reports that Vice president Yemi Osinbajo has been appointed to chair the committee.
The aim of the committee is to develop measures to cushion the effect of the Cororna virus and eventually reposition the Nigerian economy.
The committee will also be saddled with the responsibility of implementing strategies to alleviate the sufferings of Nigerians at this time.
Besides developing further palliatives, the committee will also develop a sustainable plan on re-positioning the economy and growing the non oil sector.
Musa said: “I expect the committee to look at the impact from the global perspective, that is, how it affects the global economy as it relates to Nigeria.
“Specifically, the hospitality industry should be looked at, and the investment, especially foreign direct investment now that they are heavily affected, as well as its impact on trade and industry and Agriculture,” he said.
Musa said the impact which had already manifested itself on commodity prices and exchange rates was heavily telling on the economy.
He said that it had impacted on the GDP growth of the economy as well as the financial sector, urging them to properly analyse the fiscal impact and devise some measures to address it.
In the same vein, Dr Jubril Salaudeen, an Islamic finance professional and Principal Partner, Secure Huda Limited, told NAN that Nigerians would be expecting to see a long period of moratorium of all loans.
“This is an opportunity for the committee to take another look at E-commerce Logistics and transportation, Hospitality, Working from home, Healthcare and new industry that will be born,” he added.
He also suggested that manufacturing be encouraged and power improved.(NAN)