The Nigerian Economic Society (NES) has called on the Federal Government not to leave the economy to free market forces, adding that a developmental state is needed to transform the financial system.

The advice came as the immediate past Head of Department of Economics, University of Ibadan, Prof. Adeola Adenikinju, was elected president of the body for 2023 to 2025 at its 64th yearly conference.

In a communiqué, signed by Prof. Evans Osabuohien, Dr. Lionel Effiom and Dr. Ekundayo Mesagan, but made available to The Guardian in Ibadan by Prof. Adenikinju, the society advised that in pursuing economic integration, strategic actions should be taken to unlock the potential of waterways and marine resources that boost domestic production.

It said effort must include expansion of the blue economy to lower operational costs. The communiqué reads in part: “The Nigerian economy should not be solely left to free market forces; instead, adevelopmental 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