Strategic reforms necessary to address fx illiquidity, inflation, sluggish growth — Experts

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 stressed during the launch of the Empower Africa Today Economic Development Training Programme and Poverty Fund at Nasarawa State University, Keffi.

This programme spearheaded by the Economic Growth and Development Centre, focuses on driving poverty reduction, economic transformation, and sustainable development through innovative social investment strategies.

Those who spoke at the event include the 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 Vice-Chancellor of the institution, Prof. Sa’adatu Liman.

Uwaleke, a Professor of Finance and Capital Market, said 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 renowned economic expert, increasing domestic production and exports is crucial for Nigeria’s economic growth and development.

He argued that by doing so, the country can reduce its reliance on imports, stabilise the economy, create jobs, and increase foreign exchange earnings.

He said: “The initiative is one that focuses on entrepreneurship. The programme is also about export. That is what we need in Nigeria today. We need to produce and export. That is the only sustainable way to address a number of the challenges we are having today in this country. Whether it’s the issue of forex market illiquidity, inflation, GDP growth.

“It’s only when you produce and sell that you can earn more, diversify your export base.

“The leadership of Nasarawa State University under Prof. Sa’adatu Liman is emphasising entrepreneurship. And that is why we are happy that Prof. Magnus Kpakol is bringing this initiative to this university because that is the focus of this university for now”.

The Don 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, Professor Kpakol noted that achieving economic sustainability will have a positive ripple effect on the lives of Nigerian citizens.

He said this will lead to a reduction in poverty levels, improved living standards, and increased access to basic necessities like healthcare, education, and infrastructure.

He said the initiative aims to empower entrepreneurs and startups with the knowledge and skills required to access funding opportunities and successfully export their products to international markets.

According to him, small businesses die at early stages because of lack of access to funds.

“We are getting local governments, state governments, Universities involved. We are getting bigger companies involved. They are getting international partners. Our job is to mobilise all that support,” he said.

According to the former economic adviser, the programme will feature a variety of educational modules, while initial funding will be generated through a crowdfunding campaign.

The training, he said, will equip trainees to drive sustainable economic policies, promote entrepreneurship and human capital development and leverage social investments for real impact.

“Two critical elements are essential: enabling entrepreneurs to access capital for scaling and equipping them to export their products. This requires comprehensive training to build competitiveness—the ability to produce goods and services that meet global demand.

“The programme will offer extensive training to prepare our entrepreneurs for the global market. Its core focus is fostering collaboration between the private sector, academia, and the government to drive business growth and eradicate poverty across the country”.

Nigeria is facing a profound economic crisis, characterised by soaring inflation, foreign exchange market illiquidity, depleted foreign reserves, and a surge in unemployment, which is severely impacting the country’s stability and growth.

On her part, the Vice-Chancellor, represented by the Deputy Vice Chancellor (Academics), Prof. Abdullahi Modibo, lauded Prof. Kpakol for the initiative, even as he called on organisations to emulate the Centre and sought 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 aligns with the Commission’s objectives as the primary regulator of Nigeria’s capital market.