Professor Babatunde Adeoye of the Department of Economics, University of Lagos (UNILAG), has called on the Federal Government to urgently reform the country’s economy and save it from external factors making it vulnerable to shock.
 
He made the call during the 17th inaugural lecture for the 2024/2025 Academic Session of the university held at Nurudeen Alao Auditorium, Distance Learning Institute (DLI), UNILAG.
 
Speaking on the theme of his lecture, ‘Navigating the Miry Clay: Engaging a 3 by 5 Auxiliary Gear System’, Adeoye emphasised the metaphorical expression of a “miry clay economy,” describing it with the current state of Nigeria’s economy as an economy that is stuck, stagnant, with minimal or no growth or progress.

“The economy that is stuck, the economy is stagnant, with little or no growth or progress. Moreover, the economy is fragile, with a high risk of collapse or crisis. Such an economy is heavily reliant on a single industry, resource, or external factor, making it vulnerable to shock,” he said.
 
Reflecting on “a 3 by 5 Auxiliary Gear System,” Adeoye described the concept as a system used to provide a gear ratio of 3:5, which means that for every 3 turns of the input shaft, the output shaft turns 5 times.
 
He further described the concept as a collaborative approach involving several disciplines, explaining that the “3” represents the three key sectors that need to work together – the government, private sector, and civil society.
 
“At the same time, the “5” symbolises the five key areas that need to be integrated for possible solutions to Nigeria’s crippled economy. These are governance and politics, economic and behavioural studies, environmental sciences, science and technology and social sciences,” he added.
 
Addressing Nigeria’s persistent economic difficulties, the Professor of Economics criticised the current administration’s neo-liberal reforms, especially the petrol subsidy removal and naira floatation.
 
“Subsidy was a scam, but only in how it was managed. Governments elsewhere still subsidise key sectors like agriculture. A bag of fertiliser is nearly ₦40,000. How can smallholder farmers afford that? Without support, food prices will keep rising due to cascading taxes and weak infrastructure,” he stated.
 
Adeoye emphasised the importance of collective sacrifice, urging Nigerian leaders to adopt modest lifestyles even as he encouraged citizens to prepare for difficult times ahead.
 
The lecture was attended by dignitaries including His Royal Majesty, Oba Olusola Idris Adebowale, the Olofin Adimula of Ado-Odo Kingdom in Awori Land, and Prof. Adelaja Odukoya, Dean of the Faculty of Social Sciences.