Experts offer path to economic prosperity
To achieve sustained economic prosperity and overcome current challenges such as foreign exchange market illiquidity, rising inflation, and sluggish economic growth, Nigeria must implement strategic measures.
Specifically, the country’s path to economic sustainability lies in increasing domestic production and exports and less reliance on imported goods. Economic experts unanimously agreed on this strategy, as emphasised during the launch of the Empower Africa Today Economic Development Training Programme and Poverty Fund at Nasarawa State University, Keffi.
Spearheaded by the Economic Growth and Development Centre, the programme focuses on driving poverty reduction, economic transformation, and sustainable development through innovative social investment strategies.
Speakers at the event included Chairman/CEO of the Centre and Chief Economic Adviser to former President Olusegun Obasanjo, Prof. Magnus Kpakol; Director, Institute of Capital Market Studies, Nasarawa State University, Keffi, Prof. Uche Uwaleke as well as the Vice Chancellor of the institution, Prof. Sa’adatu Liman.
Uwaleke, a Professor of Finance and Capital Market, stressed that by tackling key areas such as diversifying the economy, improving infrastructure, enhancing competitiveness, and promoting trade, Nigeria can unlock its potential for economic sustainability.
According to the don, increasing domestic production and exports is crucial for the country’s economic growth and development. He underscored the need for a collaborative effort between the government, private sector, and academic institutions to foster a conducive environment for businesses to thrive.
On his part, Kpakol observed that achieving economic sustainability would have a ripple effect on the lives of Nigerians. He said this would lead to a reduction in poverty levels, improved living standards, and increased access to basic necessities like healthcare, education, and infrastructure.
The CEO stated that small businesses die at early stages because of lack of access to funds. He said the programme would feature a variety of educational modules, while initial funding will be generated through a crowd funding campaign.
The training, he added, would equip trainees to drive sustainable economic policies, promote entrepreneurship and human capital development, as well as leverage social investments for real impact.
In his contribution, the vice chancellor, represented by the Deputy Vice Chancellor (Academics), Prof. Abdullahi Modibo, lauded Kpakol for the initiative, even as he called on organisations to emulate the centre and seek for more collaborations.
In his remarks, Dr Ibrahim Hassan of the Securities and Exchange Commission (SEC) expressed his support, stating that the centre’s mission aligned with the commission’s objectives as the primary regulator of Nigeria’s capital market.
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