By Tony Iwuoma
In the past four or so years, the Nigerian economy has been in doldrums, leaving behind tales of inflation, unemployment, poverty and the likes. To stem the ugly tide and return the country on the part of economic prosperity, the administration of President Mohammadu Buhari in 2017 launched the Economic Recovery and Growth Plan (ERGP).
That programme came under intense scrutiny, recently, at the Federal University Ndufu-Alike Ikwo (FUNAI), Ebonyi State, during a one-day seminar in which eminent scholars, economists, policy makers, government officials and citizens converged to take an in-depth sectoral analysis of the plan.
Welcoming the guests to the event, the Vice Chancellor of the University, Prof. Chinedum Nwajiuba stated that the seminar was part of the University’s contribution to the development of the country, adding that experts were invited to do a diagnostic review of the plan. He also noted that the seminar has helped in putting the plan in the public domain and in setting policy agenda for the governments in different sectors of the economy even as it also provided a feedback mechanism to enable policy makers feel the pulse of the citizenry concerning the plan.
Decrying the decay in the Nigerian University system, Nwajiuba urged academics to show the way by operating at a level the country would be proud of, adding that “there is so much to be done.” He further challenged academics to shun mediocrity and to breast up to their calling to be able to provide solutions to the numerous problems confronting the nation and to also compete globally.
Speaking on the topic: “Change and Economic Recovery and Growth Plan”, the Director General of West African Institute of Financial and Economic Management (WAIFEM), Prof. Akpan Hogan Ekpo, noted that though the plan is laudable, yet there abound some grey areas that government needs to sort out, adding that a period of four years which the plan was meant to last is also not long enough to tackle many challenges facing the nation.
The former Vice Chancellor of University of Uyo explained that recession was a permanent feature of a market-driven economy, adding that government has a crucial role to play in economic recovery no matter what the organized private sector (OPS) does.
The foremost economist further advised the Federal Government to initiate a comprehensive perspective plan that could last at least for 20 years in other to engineer sustainable economic growth and inclusive development in the country.
In his paper on “Sustainable Agriculture and Food Security through the Economic Recovery and Growth Plan”, Prof. Ajuluchukwu Obi of the University of Fort Hare, South Africa warned that if nothing concrete is done about revamping the agriculture sector the teeming population of the country would be in danger of serious hunger and abject poverty, stating that only 20% of the Nigerian population is controlling the economy while the remaining 80% is merely eking out a living.
Speaking on the topic: “Financing the Economic Recovery and Growth Plan”, the Ebonyi State Commissioner for Finance and Economic Development, Dr. Dennis Ekumankama advised government to pursue its economic diversification policy and to take another look at the report of the 2014 National Conference and implement its recommendations.