PROFILE: Meet Doyin Salami, Buhari’s new chief economic adviser, who will help “reorganize the economy” in 17 months
Barely 17 months from the end of his term, President Muhammadu Buhari appointed Doyin Salami as his chief economic adviser.
Femi Adesina, Special Advisor on Media and Advertising in Buhari, announced the appointment of Salami in a press release Tuesday.
Currently, Salami, 58, is the chairman of the Presidential Economic Advisory Council (PEAC).
Over the past six years, the country’s economy has always been a major challenge. The administration has experienced two recessions. From the high debt profile to double-digit inflation to the struggling naira, what wonder will Salami do?
In her new role, Adesina said Salami would address all matters relating to the national economy and present her point of view to the president.
It will closely monitor national and international developments and trends and develop appropriate policy responses.
Salami will also develop and recommend national economic policies to foster macroeconomic stability, promote growth, create jobs and eradicate poverty, among others.
TheCable gives you an overview of Salami’s profile until his appointment as Buhari’s Chief Economic Advisor.
RESPECTED PROFESSOR OF ECONOMICS
Salami is associate professor at Lagos Business School, Pan-Atlantic University, where he leads sessions on the business economic environment.
He holds a doctorate from Queen Mary College, University of London. His research interests include long-term corporate financial management, macroeconomic policy, business competitiveness and risk management, as well as a focus on small and medium-sized enterprises (SMEs).
As a lecturer, he is the author of several scholarly publications.
He was a member of the Central Bank of Nigeria (CBN) Monetary Policy Committee and the Federal Government’s Economic Management Team (EMT).
He was also a crucial part of the Goodluck Jonathan administration’s transition committee in 2015 as vice president.
A RICH CV
Salami is the CEO of Kainos Edge Consulting Limited, a consulting firm.
He has undertaken advisory assignments for the Department for International Development (DFID), the World Bank, the United Nations Industrial Development Organization (UNIDO), the United States Agency for International Development (USAID).
Beyond multilateral organizations, he also works as a consultant for companies such as British American Tobacco (BAT) and BGL Securities Ltd.
Others include Coca-Cola Nigeria, Equatorial Africa (CCNEAL), and Kakawa Discount House. He has facilitated or participated in corporate retreats for, among others, Zain Nig Ltd., MTN, African Petroleum Plc.
FIRM CRITICAL OF BUDGETARY AND MONETARY POLICIES
Salami had previously criticized the policies of the CBN under the administration of Godwin Emefiele.
In 2017, Salami stated that the CBN provided a “piggy bank” service to the federal government with its excessive funding of government activities.
He said the CBN’s claims on the government had been “multiplied by 20” to reach 814 billion naira by the end of 2016, while its purchases of government treasury bills increased by 30% to reach 454 billion naira.
âPerhaps the most difficult of the current features of the Nigerian economy is the adoption of a quantitative easing stance by the management of the Central Bank. Monetary data shows a sharp increase in the scale of CBN financing of the public deficit, âSalami said.
âIt is clear that the CBN provided piggy bank services to the federal government. While I still wonder what the underlying economy is, I sincerely hope it works. “
Earlier in 2015, Salami, as a member of the CBN MPC, opposed listing 41 items, including rice and toothpicks, as invalid for foreign currency (forex) through the box office. official forex..
Salami said investors were confused by the policies of the umbrella bank.
âThe credibility that CBN has carefully cultivated, if not lost, is most certainly undermined,â he said.
In 2021, Salami complained about Nigeria’s stock of public debt, describing it as unsustainable and unsustainable while the country’s debt service-to-revenue ratio climbed to 97.7% (January to May 2021).
On various occasions, however, the renowned economist has pleaded for a clear definition and articulating fiscal and monetary policies, claiming that they will encourage foreign investment and stimulate economic growth.