Don advocates for economic policy institute
Professor of Economics in the Department of Economics and Development Studies, Covenant University, Professor Philip Alege has advocated the establishment of an Economic Policy Institute as a framework that will lead to the appropriate policy advice in response to societal problems. According to him, the world is changing rapidly, factors and means of production are not static and national economies are perturbed by internal and external shocks that need to be addressed.
Alege gave this recommendation amongst others while delivering the 22nd Inaugural Lecture of the University held recently. In his lecture titled, ‘Rethinking the Methodological Approach to Contemporary Macroeconomic Analysis in Nigeria,’ Alege showed the need to prepare and equip future economists appropriately. He said in Nigeria’s dynamic setting where everything was susceptible to changes and uncertainties, a policy formulating research institute was inevitable. He contended that evidence-based tools that can address economic policy issues of the future should accompany such initiative.
Vice Chancellor, Professor Atayero, described the lecture as a platform for academics to avail policy makers and the general public with insights on what turns to make in the nation’s development drive in order to achieve economic growth. Atayero noted that since 2015, Nigeria’s economic growth had been snail paced, with 1.9 percent growth achieved in 2018; stabilizing at 2 percent by the first half of 2019. He added that private consumption stagnated because of inflation, adding that the economic growth achieved this year was mostly driven by the service sector.
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