By: Afolabi Oyekunle.

In order to grow the Nigeria economy and adapt to variations in World economy, what the country needs is a flexible and not rigid economy that could be easily adaptable.

This is the submission of a renowned Economist, Dr. Muda Yusuff, Chief Executive Officer for the promotion of private enterprises.

Dr. Yusuff said this in a paper titled Building a Resilient Economy in an Emerging Administration, Role of Stakeholders at this year annual workshop of the Labour Writers Association of Nigeria, (LAWAN) in Ijebu Ode, Ogun State.

Dr. Muda said the government needs to review its policies periodically to meet prevailing circumstances.

He also called on the government to ensure roboust monitoring and evaluation framework to regularly review the effectiveness and impact of economic policies and regulatory practices.

Admitting Nigeria is practicing a capitalist economy, he however said capitalism should be promoted with a human face and not unnecessary hardship for the people.

He called on the Federal Government to prioritize the interest of the people first to ameliorate the suffering brought about by the removal of petroleum subsidy.

Dr. Muda also called for regular and roboust stakeholders engagement by key government agencies to ensure proper

alignment of policies with investors,as political appointees cannot understand any sector better than those who are operators in the sector.

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He said government institutions that play critical roles must be headed by tested technocrats.

Dr. Muda also called on the government to ensure the stabilisation of the exchange rate as this is fundamental towards economic growth.

In his message, the President of the Maritime Workers Union of Nigeria, Dr. Adewale Adeyanju who was represented by one of his officials while commending the decision of the federal government in creating the Ministry of Marine and Blue Economy and also several ministries said the current economic quagmire in the country is man made.

Dr. Adeyanju queried the manner the petroleum subsidy was removed without consultation, which he said is a major problem resulting into hyperinflation.

He said it was a pity that for the past eight years the fiscal and monetary policies of the government have been inconsistent.

In his submission, President of the Nigeria Labour Congress, Comrade Joe Ajaero Ajaero, who was represented by Comrade Benson Upah, Head of Information and Public Affairs of the NLC, told the government to fight the cabals, and not the people, “Why is the government in a hurry to remove subsidy? The Federal Government should allow the regular subsidy that is not a burden to them. The NLC is concerned about the mindless devaluation of naira and the removal of fuel subsidy.”

 

Ajaero advised the President to think of what will benefit Nigerians first, adding that resentment would set in if the relationship between the government and the people breaks.

Olorunfemi Oke, Executive Secretary Chemical and Non-Metallic Products Employers Federation, said in his comments that building a resilient economy is a complex task that requires the cooperation of all stakeholders

In his opening address, the Chairman of the Labour Writers Association of Nigeria, Comrade Toba Agboola said the workshop was organized to ensure the government has a focus in its economic policies.

Comrade Agboola said it is imperative for the government to prioritize its economic policies and recognize the vital role of government collaboration with the private sector, a key sector in the delivery of a sound and roboust economy.

“The government, the private sector, labour unions, and the civil society have a role to play. By working together, we can create an economy that is strong, fair, and sustainable,” he said.

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September 20, 2023

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September 20, 2023

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