…As Adenikinju becomes Society’s President
From Bukayo Agboluaje, Ibadan
The Nigerian Economic Society {NES}, has called on the Federal Government not to leave the Nigerian Economy to free market forces, saying instead, a developmental state is needed to transform the economy.
This also came as the immediate past Head of Department of Economics, University of Ibadan, Prof. Adeola Adenikinju,  was elected as the President of NES for the period of 2023 to 2025 at the 64th annual conference of the society.
The society made the call in its communiqué  at the end of the end of the conference, signed by  Prof Evans Osabuohien, Dr. Lionel Effiom andf Dr. Ekundayo Mesagan, but  was made available to Optimal Times News in Ibadan by Prof. Adenikinju.
The society posited that in pursuing economic integration, strategic actions should be taken to unlock the potential of waterways and marine resources that bolster domestic production, saying the effort must include expansion of the blue economy in the country, which will lower operational costs
The communiqué read: ‘’The Nigerian economy should not be solely left to free market forces; instead, a
a developmental state is needed to transform the economy. To guide against fiscal risks and
improve resilience, Nigeria should establish clear accountability for monitoring, managing
and reporting contingent liabilities. This involves promoting a monitoring mechanism for
regular policy review and assessment.
‘’In pursuing economic integration, strategic actions should be taken to unlock the potential
of waterways and marine resources that bolster domestic production. This should include the
expansion of the blue economy in the country, which will lower operational costs.
In addition, prioritising the use of the national currency, increasing infrastructure
investments, and ensuring peace are foundational to sustainable development. A foreign
policy direction that is not only discernible from a distance but also consistent with national
developmental interest is essential.
‘’ The critical role of innovation, technology and government support in addressing the
gender gap in entrepreneurship is vital. This entails providing internet access and technical
support through collaboration between the public and private sectors. Also, creating an
enabling environment for female entrepreneurs by providing access to digital resources,
education, skills, and financial services can lead to a more inclusive and equitable digital
economy.
‘’Establishing robust mechanisms for monitoring, managing, and reporting contingent
liabilities in the public sector is essential in curbing tax evasion through punishing offenders
to serve as deterrents to others.
‘’There is an emphasis on the importance of sustainability for long-term growth through a
future-oriented perspective in an economy. This would promote educational development,
health, productivity, and job creation.
‘’Diversifying revenue sources, social justice, and the rule of law are crucial for a
prosperous society. This would entail removing structural rigidities and decentralising the
national political structure through power devolution.
‘’Given the enormous human resources, the government and other key stakeholders should
make decent jobs available. This will expand access to labour income, adequately offset household consumption expenditure and promote savings and investments. Apart from the federal government, the State Governments should take active steps in playing their roles
within their limited fiscal spaces to alleviate the effect of uncertainties their citizens may face’’.