3 Nov 2015

Biography of Doyin Salami

Doyin Salami
Doyin Salami
Dr. Adedoyin Salami popularly known as Doyin Salami is an accomplished economist who has a doctorate degree from Queen Mary College, University of London. He is a
full time member of the faculty at the Lagos Business School (LBS), Pan-Atlantic University where he is an Associate Professor. In addition to teaching, he works as a Principal Consultant in Edward Kingston Associates. His consulting activities have included assignments for the Department for International Development (DFID), World Bank, United Nations Industrial Development Organisation (UNIDO), and United States Agency for International Development (USAID).

It is worthy to note that Dr. Doyin Salami is a member of the Monetary Policy Committee of the Central Bank Of Nigeria and he is also a past member of the Federal Government's Economic Management Team. He serves as a Member of the Advisory Board of CBO Investment Management

In addition, he is also an executive director of the UK-based African Business Research Ltd.  At Lagos Business School, he led sessions in economic environment of business and had also served as director of programmes for five years until January 2005. Dr. Salami’s research interests include: issues in corporate long-term financial management; macroeconomic policy; corporate competitiveness and risk management; and characteristics of small and medium enterprises (SMEs).

Presently, he is retained as a consultant by British American Tobacco (BAT), BGL Securities Ltd; Coca-Cola Nigeria and Equatorial Africa (CCNEAL), Kakawa Discount House and he has facilitated or participated in corporate retreats for Zain Nig Ltd., MTN, and African Petroleum Plc., among others.
He served as the Vice Chairman of the 18 member All Progressive Congress(APC) Transition Committee.  
Speaking at the fifth edition of the Renaissance Capital investors’ conference in Lagos, Doyin Salami, a faculty member of the Pan Atlantic University, said although the position of the CBN Governor is an important one, commanding respect in monetary policy issues, other members of the 12-man committee are capable and equipped with enough understanding of the dynamics of the nation’s economy.”

He was one of the most  vocal  voices that opposed and criticized the decision of the MPC Committee to authorize the ban on forex for the importation of forty items that can be produced locally like toothpicks, tomato, rice, poultry, palm oil etc so as to curtail the depletion of foreign reserves and promote local production of the goods. His reaction, which questioned his sense of loyalty, was that “The credibility that CBN has carefully cultivated, if not lost, is most certainly undermined”.
Salami’s argument that the Central Bank must choose two of the three options before it is also somewhat disingenuous. As he accurately stated, no central bank can simultaneously achieve a fixed exchange rate, independent monetary policy, and capital mobility. But what he conveniently fails to point out is that the CBN is not pursuing these three goals at the same time. For one, the CBN is not practicing a fixed exchange rate system. Rather, in line with its mandate to pursue a stable exchange rate, the bank’s MPC has long adopted a managed floating system, a system that has underpinned the stability of exchange rate since for the last 7 months.

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