By; BAYO AKAMO, Ibadan
Economists at the University of Ibadan on Saturday asked President Mohammadu Buhari to inject recovered looted funds into the Nigeria economy
Speaking at a forum organised by the Department of Economics, University of Ibadan with the theme “The Economic Recession” held at the Trenchard Hall, University of Ibadan under the leadership of Professor Kassey Garba and moderated by Emeritus Professor Ademola Oyejide, the Economists submitted that doing so will to hasten the country’s recovery from recession.
According to the experts, comprising of Professor Lanre Olaniyan (Director Center for Sustainable Development, UI), Professor Abdulganiyu Garba and Professor Olu Ajakaye (Immediate past President Nigeria Economic Society) and Dr Olatunji Sobodu maintained that looted funds in private homes make the economy sick rather than ensuring circular flow of income.
The experts while blaming Federal government for lacking cohesive social policy system that will make it articulate policies that can take care of the common good,advocated urgent formulation of the much needed cohesive social policy system that will make it articulate policies that can take care of the common good
Speaking at the forum, Professor Abdulganiyu Garba,declared that Nigeria malfunctions because the leadership is influenced by the rich and only formulates policies that meet the needs of the powerful few as against the common good.
Professor Garba stressed that there is the need for Nigeria to spend on Manufacturing and Agriculture sector which has high growth and employment opportunities,saying,while the rich smile during recession because they have access to resources, the majority of the masses who do not have access to resources suffer severely.
According to him,the psychological uncertainties make the rich want to amass more wealth legally or illegally, and that there was no basis for the proliferation of over 3,000 Bureau the Change agents whom he said tinker with the value of dollar and interest rates with grievous implication on the economy.
“We expend all energies on attracting foreign investment and part of the crisis is the imbalance between the interest of the foreign investors and domestic investors.
Unfortunately, we have chosen the interests of foreign investors ahead of the interest of local investors and what are these, foreign investors are more interested in high interest rates, domestic investors are interested in lower interest rate but to attract foreign investors interest rates go must go up. Those imbalances have implications for the economy. You are setting the country for financial system instability in the future” he said
The former president of the Nigeria Economic society, Professor Ajakaye asked the federal government to evolve a policy that will enhance the capacity of Nigeria and Nigerians to produce what we consume and capture the market in Africa and compete in the world.
Economists To Buhari: Inject Recovered Loot Into Nigeria Economy Now To End Recession
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