Vice chancellor charts path to prosperous economy
For the nation’s economy to bounce back to what it was years back, the need to implement the recommendations of the 2014 National Conference, investment in infrastructure to grow the real sector of the economy, avoiding policy somersault, as well as proper implementation and supervision of economic policies, is paramount.
Vice-Chancellor, Niger Delta University, Prof. Samuel Edoumiekumo, who noted that for the economy to grow, there must be consistency and continuity of sound economic policies.
The issue of abandoning sound policies and programmes that would have impacted the economy positively, he said has led to wastage of scarce resources.
Speaking on “59 Years of the Nigerian Economy: Matters Arising”, at the 2019 Management Day Lecture, organised by the Nigerian Institute of Management (NIM)(Chartered), Edoumiekumo said the Nigerian economy requires re-organisation as implementing the report of the CONFAB will help redefine Nigeria.
He said that the report, which was compiled by well-respected personalities from nearly every ethnic nationality gives a clear direction for the development agenda of the country which the Colonial masters did not do for Nigeria.
Noting that the supervision of government policies for performance is important, added that various development plans failed and would continue to fail if adequate time and energy is not spent on policy implementation and supervision.
Emphasising on more investment in infrastructure to grow the real sector of the economy, the don said: “ In 2014, Nigeria rebased her GDP and it was celebrated. It had 510 billion US dollars as GDP. That rebased GDP was inflation-induced because real growth in output (real sector growth in output) was not experienced.
“If the economy grows and the unemployment rate is increasing, then the growth is questionable. To have real growth, the real sector of the economy must be looked into. Interest rate should be brought to a single digit. This would encourage borrowing to boost investment. The investment would lead to employment generation and output.”
Earlier, President and Chairman of Council, NIM, Prof. Olukunle Iyanda, said for Nigeria to derive optimal benefits from its enormous resources endowment, managers must imbibe and adopt global best practices in corporate and public management.
Iyanda, who emphasised on the principles of delegation, that a manager can perform his role effectively even when physically absent from his organisation for a period of time.
He said the concept negates the management principle of delegation and can only be justified by those who perceive management position as one of exercise of power and authority rather than responsibility for effectiveness, efficiency, and corporate wellbeing.
No comments yet