The National President of the Nigerian Economic Society, Professor Adeola Adenikinju, has blamed the state of the economy on the preference of the different levels of government to listen to counsel from foreign and international bodies other than the nation’s economic experts.
Adenikinju also said that the country’s economy in the last 18 months has not fared better than a country that is at war, given the volatility of the foreign exchange and the sharp increase in the prices of commodities, resulting in a high inflationary environment.
The professor of economics from the University of Ibadan said this during the inauguration of the maiden executives of the Ogun State Chapter of the Nigerian Economic Society at the Postgraduate School of the Federal University of Agriculture, Abeokuta, recently.
Adenikinju noted that but for the disconnect and lack of collaboration between the government and the nation’s abundant trained economists, the country would have been able to overcome some of its economic woes.
He described NES as an organisation that is made up of trained economists in different areas, researchers, and academicians who are dedicated to proffering solutions to the myriad of economic challenges bedevilling the country.
He said, “When the economy of a nation is in crisis, you call your best brains to give ideas, and my appeal is that the government should consult with us.
“There is not much consultation and collaboration from the government with the Nigerian Economic Society. The Nigerian government has not given enough attention to its array of experts; they would rather prefer to listen to the international bodies.”
The country has a lot of esteemed economists like Aboyades that are respected all over the world, and we still have them in abundance. We have done our research on the Nigerian economy; we understand the problem and the system better than the foreigners. And so, when decisions are being made about economic reforms, about how to address economic reforms, and about how to tackle the consequences of economic reforms, the economists should be there.
“This body represents all trained economists, researchers, and professors, the experts in different areas of the economy who are Nigerians who constitute the membership of this society, yet our contact with the government is very little. We have to change this to make things work; we must collaborate. The way forward is that there should be consultation and collaboration between all levels of government and NES.”
Adenikinju explained that the impact of the current economic reforms on Nigerians, going by the data and statistics, is similar to a country going through war.
He said, “Exchange rates moved from less than N500 at some point to about N2000. Within seven months, inflation moved from 17 per cent to 34 per cent and the price of PMS jumped from N197 to over N1000. There is no normal country in the world that goes through such massive shocks. In my view, it is like a country going through a war. We may not be carrying guns, but in economic terms, it is like that.”
Adenikinju said that President Bola Tinubu is no doubt making the right decision, but he should have sought the opinions of the experts on how to go about it to minimise the effects on the people.
He said, “That’s why when you are doing reforms, there is what we call sequencing. Which one should come first? What time should it take before you introduce the next one to mitigate the effects on the people? They are human beings and not statistics.
“How do we take care of the vulnerable? The decision is right, but what we are saying is that there should be sequencing of these policies so that the impact on the people will be bearable. There should also be adequate compensatory mechanisms to enable the people to absorb the shocks.”
Adenikinju said that the Ogun State Chapter of the association is the third to be inaugurated in recent times, charging the new executive to focus on analysing the economic situation within their state to identify lasting solutions that could revitalise both the state and the nation’s economy.
“This chapter will be a hub for economists, policymakers, and stakeholders to collaborate and contribute to the state’s economic development,” he disclosed.
Speaking at the event, the new chairman of the chapter, Professor Comfort Amire, said that the inauguration marks a significant milestone in the society’s efforts to promote economic knowledge, foster sustainable growth, and enhance development across the state and Nigeria as a whole.
Amire emphasised that the society is dedicated to advancing the practice of economics, fostering dialogue on critical economic issues while serving as a platform to bring together economists, policymakers, students, and practitioners to enable them to engage in critical discourse, drive evidence-based decision-making, and support national sustainable development.
The Vice Chancellor of the university, Professor Olusola Kehinde, in his remarks, urged NES to be at the vanguard of enlightening Nigerians on the current economic realities and why they should support the government to achieve its aims, knowing full well that the reforms are for the good of the country.
