Flyovers constructed for political optics are unnecessary, according to Sam Amadi, a governance specialist with a Harvard background, who stated Thursday that Nigerians require feeder roads, electricity, schools, and other infrastructure.
The inaugural public lecture of the Faculty of Social and Management Sciences at Benson Idahosa University (BIU) in Benin City, Edo State, was where Amadi delivered the lecture.
There has been a persistent lack of effort to tackle productivity, inequality, and multidimensional poverty, according to the governance expert. He or she stressed the importance of institutional capacity and infrastructure planning.
Progress is much more than just making progress. Improving people’s capacities and freedoms is the main focus.
Policy changes in Nigeria are either misguided or never carried out, despite the country’s frequent changes of leadership. He emphasized the importance of practical infrastructure such as feeder roads, power, and education, rather than politically motivated flyovers.
“Rethinking Nigeria’s Economic Management Policies and the Way Forward” was the focus of the speech, according to Naijatrial.
Distinguished economist and non-executive director of the Central Bank of Nigeria (CBN) Prof. Mustapha Sagagi laid the blame for Nigeria’s escalating debt and poverty on systemic corruption, ineffective policy execution, and fiscal irresponsibility in his keynote speech. According to Sagagi, top-down indecision frequently leads to poorly implemented macroeconomic policy.
Over N30 trillion was printed in seven years without equivalent economic output, according to the non-Executive Director at CBN, who emphasized the harmful repercussions of past uncontrolled borrowing and money printing.
Economists, engineers, and accountants are in plenty in Nigeria. “We need a system of leadership and institutions that can turn good ideas into action,” he remarked.
In spite of this, Sagagi—a professor at Bayero University’s Dangote Business School in Kano—recognized recent successes, such as a reduction in inflation, an increase in reserves, and better FX transparency. He said that the unified exchange rate system and the CBN’s tightening attitude were stabilizing factors.
To restore the flagging economy, he argued, the nation needs evidence-based leadership, public accountability, and strategic changes.
There was a real risk that the naira could have fallen to N3,000/$1 if monetary policy had not been tightened. The consequences would have been disastrous.
In his opinion, “more needed to be done” before macroeconomic reforms could improve people’s standard of living.
Economist Ayo Teriba argued that the government should not be solely responsible for infrastructure and instead advocated for a comprehensive privatization of the electricity industry, rail, and gas.
The head of Economic Associates, Teriba, made the announcement during the inaugural public lecture of BIU’s Faculty of Social and Management Sciences in Benin City, Edo State.
Teriba pushed for long-term planning and investment in infrastructure, as well as a transfer of privatization success from the telecommunications industry to the electricity, rail, and gas industries.
While arguing for the centralization of the Ministry of Budget and National Planning, he expressed the opinion that fiscal and monetary policies lack direction in the absence of a functional plan.
Sixty percent of harvests go to waste because of inadequate transportation and storage, he said, bringing attention to distribution inefficiencies in agriculture. He claims that the agricultural sector itself is not failing, but rather its ancillary systems.
In his introductory remarks, BIU Vice Chancellor Professor John Okhuoya expressed the opinion that universities should spearhead ideas for development and policy participation.
The university is dedicated to being a center for solution-driven discussions like these, according to Okhuoya, who stated that Nigerians should stop analyzing and start doing.
Professor Mike Asekome, who is also the chair of the local organizing committee, spoke at the event and said that the specialists were hand-picked for their knowledge and experience in analyzing the current economic situation and suggesting ways forward.