Professor Calls for Alignment of Finance Systems with Productive Sectors to Drive Economic Growth
Former Vice-Chancellor of the University of Uyo, Prof. Akpan Ekpo, has issued a critical advisory to the Federal Government, urging the expansion of Nigeria's economic capabilities through the strategic alignment of financial systems with productive investments. He emphasized that the government must prioritize directing capital toward sectors that not only generate employment but also foster technological learning and create durable sources of national wealth.
Insights from an International Conference
The emeritus professor delivered these remarks at an international conference organized by the Department of Political Science at Lagos State University (LASU), in collaboration with The West Africa Academy of Science. The event, themed 'Tinubunomics: An ideological perspective and its philosophical components', provided a platform for Ekpo to scrutinize the policy reforms implemented by the Bola Tinubu-led administration. Key reforms discussed included subsidy removal, exchange rate adjustments, and fiscal consolidation efforts.
Historical Context and Intellectual Engagement
Ekpo highlighted that throughout history, major economic transformations have rarely emerged solely from technical policy adjustments. Instead, they have been preceded and guided by vigorous debates concerning the philosophical foundations of economic organization, the appropriate roles of the state and markets, and the long-term vision for national development. He argued that the ongoing discourse surrounding the emerging concept of 'Tinubunomics' underscores the essential nature of such intellectual engagement.
In his analysis, Ekpo suggested that President Tinubu should have assembled a panel of experts to rigorously examine the issues and propose viable alternatives before embarking on some of the reforms. This approach, he believes, could have enhanced the effectiveness and sustainability of the economic policies, ensuring they are better aligned with Nigeria's developmental goals.
