Future of Nigeria’s economy may continue to be bleak due to policy inconsistency, experts warn

Eminent economic and financial experts have painted a grim picture of the economy of Nigeria, lamenting that the country’s future may continue to remain bleak except there is a retrace of step by the government from the incessant practice of introducing economic policies which were never consistent and in many cases, run counter to another.

This was the submission of panelists during the monthly current affairs programme, Boiling Point Arena (9th edition) with the topic: The Current State of Nigeria’s Economy: Can Nigerians Breathe and Survive?

Speaking on how Nigeria got into the present economic state, the experts including Dr Biodun Adedipe, Mr Kehinde Sogunle and Mr Paul Alaje noted that the successive economic policies of various governments were what brought the country to its current economic downturn.

The consensus of opinion at the session was that for Nigeria to come out of its current economic doldrums, each community will have to take responsibility and be responsible for their local economic development and not rely on government.

ADVERTISEMENT

According to Mr Paul Alaje, a Corporate Finance Expert, “Nigerians are beng punished for our economic sins”.

“We got here because of wrong choices, we got to this point because many of our people are not asking questions.”

“Nigerians are being punished for our economic sins”.

“We need to make correct economic decisions for us to be forgiven”.

“Nigeria should make policy so that some of the things we are importing we should be producing. We have to multiply our export”.

Speaking on the way out of the current challenges, Mr Kehinde Sogunle, erstwhile Finance Commissioner in Ogun State submitted that people at the community and local level must begin to devise economic strategies.

“The responsibility comes to all of us at the local level and it requires a fundamental change in mindset.The dependency on government must stop.”

On his part, Dr Adedipe, an Investment Banker and Financial Consultant, while aligning with Mr Sogunle, opined that the different communities and local government area will need to have policy anchors which they will be noted for.

“We will need to have policy anchors and build different economic clusters in different communities and thereby creating jobs. Each community or local government must have something they are adding economically. This is what will aggregate to the state and the country at large”, he argued.

The interview discourse was chaired by a traditional ruler, the Olowu of Owu Kingdom, Oba Prof Saka Matemilola, who enjoined eminent financial experts to pool their ideas together and collectively suggest to the government sound economic policies capable of bringing Nigeria out of the woods.

Speaking while delivering a vote of thanks, the Initiator and Convener of BOILING POINT ARENA, Mr Ayo Arowojolu emphasized that the task of revamping the country’s economy is a task for all and should not be left alone to government.