Some university lecturers have suggested the adoption of strategic policy actions drive economic prosperity in Africa.
The academics who spoke during the first Lecture Series of the UBA Professorial Chair in Finance at the University of Lagos (UNILAG) recently, listed other policy measures and strategies that could bring about far reaching results.
These include instituting stable macro-economic policies, the adoption of supply-side strategies, capital market development, enhancement of banking and financial system, liberalisation of the economy, privatisation and reduced government dominance of economic management, democracy and good governance, human capital development, policy co-ordination and enabling the multilateral environment.
According to them, these polices are capable of creating a sustainable path towards the socio-cultural, economic and political development of the continent.
The Professor of Finance and Chairman, UBA Professorial Chair, UNILAG, Prof. John Ezike was joined by the Head of Department, Economics, UNILAG, Prof. Risikat Dauda and Senior Lecturer, Finance Department UNILAG, Dr Olalekan Obademi, as they took turns in making contributions on the theme: ‘The Dynamic Structure of World Economy from Globalisation to Slowbalisation: The African Dilemma.’
Ezike, who led the discourse, explained that the global economy, “is currently witnessing the fourth wave of revolution in civilisation, which is the movement towards de-globalisation or Slobalisation, adding that countries that have not benefitted from globalisation are those that fail to implement sound macroeconomic measures to maintain financial and exchange stability.”
He said, “It behoves countries in sub Saharan –Africa, therefore, to strive to adopt policies that are in consonance with the realities of the rapid integration of world economies.
“The world must seek for answers in a new ideology which will allow globalisation to prosper faster, but prevents the rise of elitism. In point of fact, some world leaders are already of this view as they have condemned the trickledown theory of capitalism.”
Supporting his point, Ezike shed light on how the mentioned policies could take the continent to a new high.
He explained that Globalisation increases the cost of macroeconomic distortions while enhancing the reward for sound policies. “As a result, it is important that sound macroeconomic, sectorial and structural policies are applied to improve internal balance, ensure external sector viability and increase the overall rate of economic growth,” he added.
Stable macroeconomic policies also ensure that the domestic economy is insulated from disruptive short term capital flows as investment savings decisions would be predicated on domestic economic fundamentals rather than market sentiments that may be unrelated to developments in the economy.
On his part, the Deputy Vice Chancellor, and Chairman UBA Board of Trustees, Mr. Ben Oghojafor, appreciated UBA for resuscitating the UBA Professorial Chair of Finance and the laudable support it continues to give the institution.
In his response, Group Managing Director, Kennedy Uzoka, United Bank for Africa, represented by Head, Micro-small, Small and Medium Enterprises (MSMEs),Mr Babatunde Ajayi said: “UBA is very proud to be associated with the endowment of professorial chair of finance in University of Lagos and it is our plan to continue to endow that chair.”
“It is also our way of giving back to the society, as we will continue to sustain the initiative and many more that concern education, because it is very important to UBA and we are more than committed to providing the necessary support for the youths in Nigeria and across the African continent,” Ajayi added.