Benin: Economic experts on Thursday called for strategic reforms, citizen accountability, and evidence-based leadership to revive Nigeria’s economy. The experts made the call during the maiden public lecture of the Faculty of Social and Management Sciences of Benson Idahosa University (BIU), Benin, the capital of Edo.
According to News Agency of Nigeria, the lecture had the theme, ‘Rethinking Nigeria’s Economic Management Policies and the Way Forward.’ Delivering the keynote address, Prof. Mustapha Sagagi, a seasoned economist and non-Executive Director at Central Bank of Nigeria (CBN), blamed systemic corruption, weak policy implementation, and fiscal recklessness for Nigeria’s challenges.
Prof. Sagagi emphasized that Nigeria’s problem is not a lack of skilled professionals but rather a deficiency in leadership and institutional systems that prevent good ideas from being translated into action. He further noted that macroeconomic policies, although well-crafted, often fail due to poor coordination among decision-makers. He also highlighted the detrimental effects of past practices such as unbridled borrowing and money printing, with over N30 trillion printed in seven years without corresponding economic output.
Sagagi acknowledged recent gains like inflation moderation, rising reserves, and improved forex transparency, attributing these to the CBN’s tightening stance and unified exchange rate system, which he described as stabilizing forces. However, he stressed the need for these macroeconomic reforms to translate into better livelihoods for Nigerians.
Dr. Sam Amadi, a Harvard-trained governance expert, reinforced Sagagi’s points, emphasizing the importance of institutional capacity and infrastructure planning. Amadi remarked that development should focus on enhancing people’s freedoms and capabilities, lamenting the ongoing failure to address productivity, inequality, and multidimensional poverty.
Dr. Ayo Teriba, CEO of Economic Associates, called for long-term planning and infrastructure investment. He emphasized the importance of placing the Ministry of Budget and National Planning at the center of economic strategy, advocating for the replication of the telecom sector’s privatization success in other critical areas like power, rail, and gas.
Prof. John Okhuoya, Vice-Chancellor of BIU, underscored the role of universities in policy engagement and development solutions, expressing BIU’s commitment to being a hub for solution-driven conversations.
Prof. Rosemary Obasi, Dean of the Faculty of Social and Management Sciences, stated that the lecture aimed to inspire new perspectives and ideas by bringing stakeholders together to deliberate on the nation’s economic future.
Prof. Mike Asekome, Chairman of the Local Organizing Committee, highlighted the careful selection of experts for their expertise and experience in reviewing and rethinking the current economic trajectory, aiming to proffer solutions to Nigeria’s economic challenges.