Abimbola Akosile
Experts have stressed an urgent need for the Nigerian economy to be diversified, utilising the current relative improvement in the price of oil and foreign reserves, for job creation and inclusive growth.
There is also a need to redefine the role of government, in terms of thinking ahead; and also addressing the perennial problems of policy summersault, reversal and abandonment.
These calls were contained in a communiqué issued at the end of a monthly seminar series of the Ibadan School of Government and Public Policy (ISGPP), titled: ‘From Bust to Boom: Fiscal, Financial and Infrastructure Options’ held at the ISGPP seminar Hall recently.
Key speakers at the event included the Economic Adviser to the President, Amb. Yemi Dipeolu; Member, Board of Economists and CEO, Economic Associates, Dr. Ayo Teriba; Faculty member, Lagos Business School, Dr. Doyin Salami; and Members, Board of Economists, Dr Shehu Yahaya, Prof. Olu, Prof. Sylvanus Ikhide, Dr. Obadiah Mailafia, and Prof. Ebere Onwudiwe, among others.
The seminar was chaired by Emeritus Prof. Ademola Oyejide with Prof. Akin Mabogunje as Chief host. The lead presenter, Dr. Teriba, a member of the Board of Economists, addressed some cogent issues including the slide in Nigeria’s National Economy from Boom to Bust, with particular emphasis on windfalls (fat years) to shortfalls (lean years); cyclical consequences of the bust or lean years; and recognition of the major constraints in the area of government revenue, access to finance and infrastructure, among others.
There were three plenary sessions where discussions on specifics were held, namely: Infrastructure Options (moderated by Prof. Ekpo); Financial Deepening options (Dr. Mailafia), and Revenue Mobilisation Options (Prof. Olu Ajakaiye)
Using examples drawn from Saudi Arabia, Indonesia, United Kingdom, and China among others, the seminar resolved on: unlocking revenues from non-financial assets of government; building of foreign reserves through massive privatisation; deepening the financial system; land reform as an imperative to make it possible for the majority of Nigerians, especially farmers to have titles to their land. Land reform is the surest way to diversification and enhancement of financial inclusion as well as financial deepening, they noted.
To the experts, there is an urgent need for Nigerian economy to be diversified, utilising the current relative improvement in the price of oil and foreign reserves, for job creation and inclusive growth.
