Specifically, the group urged the Central Bank of Nigeria (CBN), which heads the country's monetary system, to establish strong collaboration with the fiscal policy authorities to ensure a coordinated approach to national development.
The Lead Director of Centre for Social Justice, Eze Onyekpere, while reviewing the latest Monetary Policy Committee's communiqué of the meeting held last week, said that harmony between the two will guarantee greater investments in selected critical sectors and infrastructure development, especially in the power sector, agriculture and manufacturing.
"Special policy incentives that facilitate greater credit to the chosen sectors will spur economic growth, activate the growth drivers and create more jobs.
"The critical issue of greater accretion to the external reserves through the proper management of the petroleum industry, including the stoppage of oil theft is crucial for revamping and stabilising the economy, which would lead to a stronger Naira and better exchange rate," he said.
According to him, an empirical study of the causes of excess liquidity in the Nigerian system is imperative to tackle the challenge instead of perpetually reacting to its symptoms and offering palliatives.
While acknowledging the committee's holistic view of monetary and fiscal policy and development by reiterating that key issues of employment level, wealth creation and growth of business should be central goals of monetary policy, he however pointed out that it did not articulate the mechanism for ensuring that macroeconomic stability transmits and facilitates employment, wealth creation and business growth.
"The CBN needs to get back to the earlier promise of its governor to reduce the lending rate and make credit more available to medium and small scale enterprises.
"The MPC should start considering steps, which would be implemented immediately after the elections to ensure that sound macroeconomic fundamentals are transmitted to improvements in the economy- production, jobs and improved livelihoods," he said.
Onyekpere lamented that Nigeria has become a country of perpetual potentials, which are not developed or matured to become growth drivers.
"Gas fired plants were constructed without thinking through how they will access gas to become operational. Seven years down the line, the challenge remains largely unaddressed.
"There has been publicity around policy action taken on paper by government and Nigerians have been informed about funds being channeled to the challenge.
"However, progress remains snail slow and at the level of stories. Official reaction will be that it takes time and years to construct gas pipelines but no one can claim that it takes forever.
According to him, the group is recommending that the implementation of the Federal Government's agriculture agenda be intensified, with more support should be channeled to current policy positions in favour of local production.
"This should not be restricted to agriculture alone as we need clear policy positions in sectors such as petroleum refining, manufacturing, among others, to guarantee local investments that will reduce importation, while increasing the value of local production.
"Federal Government should insist on the full implementation of the new automobile policy, while providing buffers that will reduce the hardship that it may engender in the short run," he added.
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