BENIN — FORMER Honourable Minister of State for Works, Engr. Chris Ogiemwonyi , FNSE, KSC, JP, was clearly the star attraction at the 42nd Founder's Day Lecture at the University of Benin where he presented a paper Entitled : HARD TIMES FOR THESE TIMES :THE THINK FACTORY GUIDE TO ACTION were he spoke on Corruption, Niger Delta and the way forward, also made some suggestions and Recommendations on the way out of hard times. Concluded by saying "Our Nation like most nations in the word have experienced, or are experiencing recession. This is not the first time we are faced with this kind of monumental challenge. Winners don't quite and quitters don't win. We need to apply wisdom and come together as a nation to focus and develop appropriate strategies to the economy on sustainable path of economic recovery and growth. "
HARD TIMES FOR THESE TIMES: THE THINK FACTORY GUIDE TO ACTION
The Visitor, University of Benin
His Excellency Muhammadu Buhari GCFR
President, Commander-in-Chief of the
Armed Forces of the Federal Republic of Nigeria
The Chancellor
His Highness, Mai Martaba
Muhammad Sanusi II CON
Sarkin Kano
The Pro Chancellor and Chairman, Governing council
Senator Effiong Dickson Bob
The Vice Chancellor
Professor F.F.O. Orumwense, FNSE
The Deputy Vice-Chancellor (Administration)
Professor Lawrence Ikechukwu Ezemonye
The Deputy Vice-Chancellor (Academic)
Prof. Abiodun Falodun
The Deputy Vice-Chancellor (Ekehuan Campus)
Prof. S. E. O. Aduwa-Ogiegbaen, JP
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The Registrar
O.A. Oshodin (Mrs)
The Bursar
Dr. Baba Bila, FCNA
The University Librarian
Dr. (Mrs) Evelyn Omoluabi Idiodi; CLN, MNIM
Members of senate
The Provost, College of Medicine
Deans and Directors
Heads of departments
Distinguished guests
Gentlemen of the Press
Parents and Guardians
Ladies and Gentlemen
Greatest Uniben students.
The Vice-Chancellor sir, I feel delighted to be accorded the honor of being the Guest Lecturer for this 42nd Founders’ Day Lecture. Honestly speaking, I consider it a rare privilege and I am indeed very grateful for this gesture of goodwill from you to me.
1.0. The Concept of the Title
The lecture is entitled “Hard Times for These Times: The Think Factory Guide to Action”. We all know that the Nigerian Economy is in grave peril. The implication is that in these times, we are facing economic hardship – hard times – which tend to put our lives in serious peril. It is therefore timely for us to brainstorm and pull ourselves up by our bootstraps in order to power out of the current National Economic Recession. No doubt the Universities constitute a think tank –factory – comprising people who research into areas to find solutions to problems and come up with new ideas. It is indeed part of the objectives for setting up Universities. Consequently, for times like these, I mean the hard times in which we are, we need to fall back on our citadel of education to generate new
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ideas that would free us from the claws of Economic Depression and recession plaguing us as a nation at present. Such ideas emanating from experience, Research and Teaching, should be robust enough to help solve the grave economic problems we are beset with. I humbly feel that this lecture, as it’s entitled, is quite apt for these times of great hardship – Hard Times.
During Victorian era (1837–1901) in Britain, there was a similar period of economic hardship; economic cycle with a thorough and such economic situation motivated Charles Dickens to write a novel entitled “Hard Times”, the novel that was published in 1854. In the book it is said that those who cannot learn from history are doomed to repeat it; it’s a guide to navigation in perilous, hard times as these times. History proves nothing because it contains everything. It is a great dust heap. It appraises the past to enable us judge of the future.
1.1 Introduction:
1.1.1 Brief History of the University of Benin
On November 23, 1970, the Mid-West Institute of Technology (MIT) was founded. The Institute was situated at Ekehuan Road, in the very location of the present Ekehuan campus of the University of Benin. There were relatively few Universities in Nigeria at that time. With rapid growth in population, the then Bendel State Government recognized the need to establish a full-fledged University. Prior to this development, effort was made in 1967 to set up a University as a University campus of University of Ibadan, but it was frustrated by an act of God - the Nigerian civil war.
After the civil war, the then Midwest Government, led by Col. S.O. Ogbemudia, in March 1970, promulgated an edit establishing the Mid-West Institute of Technology (MIT) with three faculties namely: The Faculty of Medicine and Pharmacy, The Faculty of Science, and the Faculty of Engineering. The temporary site for the MIT was former Mariere College – a teacher training college. The Iyaro campus accommodated the Faculty of Science. The first Rector of MIT was
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Prof Glyn Philips (1970-1972). On July 1, 1971 the Midwest Institute of Technology was accorded the status of full-fledged University by the National University Commission (NUC). The University was established vide edict No. 3 of 1975 which took effect in December 1974. It may interest you to note that the first Dean of Faculty of Engineering was Prof. Smith. The first Dean of Faculty of Medicine was Prof Hardock; an Englishman and the first Dean of Faculty Science was Prof Wright, also an English man. More importantly, the first Vice-Chancellor of the University of Benin, Prof Kenneth Hill, was appointed in 1972. Further , Late Chief D.R Oduaran was the first Registrar of the University of Benin and the first Bursar was Mr G.A. Aghahowa of blessed memory.In 1973, the substantive Vice-Chancellor took ill and went home for treatment but died there. In his position, Prof. John Harris, the then Librarian, who hailed from New Zealand, was appointed as
the next Vice-Chancellor, being the most Senior Professor in the University at that time.
From the above, it is evident that November 23, 1970 was a Monumental Moment for the University of Benin; that the Institution had a humble beginning. It is particularly interesting to note that the oxygen of sustained academic research and excellence in teaching has really breathed life into the University, leading to turnover of graduates that are well fitted for the Nigerian economy. Sure, it’s in reminiscence of the experience of time long past that the Management and Council of the University of Benin resolved to establish the Founders’ Day on which occasion distinguished Alumni would always be called upon to give a lecture on a subject matter that echoes back the great transport of joy felt when the University was founded. As I give this lecture today, that historical defining moment that took place several years ago is being reenacted. The Vice-Chancellor sir, distinguished ladies and gentlemen, today marks 46 years of the existence of this great University. – the implication being that the University was established exactly November 23, 1970 albit as Mid-West
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Institute of Technology at the outset. In the 46 years of its existence, as it were, it is marking the 42nd Convocation anniversary. We and the generations yet unborn will ever commemorate the University of Benin Founders’ Day. It may interest you to know that I, Chris Ogiemwonyi, entered the University in 1970 as a pioneer student and left in 1974 with a Bachelor’s degree in Applied Physics. I am proud to say that I have applied the knowledge gained in this University to serve our nation in several capacities, culminating to being appointed a Minister of the Federal Republic of Nigeria. This happened after 34 years of meritorious service to the Federal Republic of Nigeria. I therefore encourage the graduands who will be convocating on Friday, November 25, 2016 to adhere strictly to the motto of the University – “Knowledge for Service” – in all their future endeavours so that they can help to remodel the Nigerian political economy. It is
a great responsibility you owe this University, your Alma Mater and to our great country, Nigeria. You all will be accountable for this onerous responsibility.
Clearly, the motto of the University of Benin – “Knowledge for Service” – should depict the character of our alumni.
In 1952, China enacted an educational policy to the effect that all courses taught in their Universities should find usefulness in their industries; otherwise such courses should be jettisoned. After about 50 years of its implementation, China has become the 2nd biggest global economy next to the United States of America.
Thus the Key Question Here is How Do We Translate Classroom Teaching to Deal with the Problems of Our Economy?
We are already neck deep in economic recession and still tethering on the brink of economic depression. We therefore need to follow a well, thought-out educational policy that will foster a total departure from excessive emphasis on memorizing and cramming. The situation on the ground calls for thinking outside the box as the NUC Secretary advised in a colloquim held on Tuesday,
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November 1, 2016. Consequently, the solutions to the “Hard Times for These Times” lies in the synergy among the Think Tank [University], and the Government, and the business communities in the country.
By and large, the economy is adrift, whirling through recession towards the brink of depression even without our full realization. One of the key indicators of depression is lingering unemployment and steady decline in real Gross Domestic Product (GDP).
1.1.2 What is Recession?
Recession is defined as a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
Again, recession has been defined by Oxford Dictionary as “a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters’’. It is generally an economic decline and is typically accompanied by a drop in the stock market, increase in unemployment rate, and a decline in the domestic market. Recession can also be viewed as an economic decline in Gross Domestic Product (GDP) for two or more consecutive quarters. GDP is the market value of all goods and services produced within a country in a given period of time.
In economics, a recession is a negative growth for two consecutive quarters. It’s also a business cycle contraction which results in a general slowdown in economic activity. Macroeconomic indicators for recession negatively affect GDP, investment spending, capacity utilization, household income, business profits; and generally result in high inflation, increased unemployment rate, and so forth.
1.1.3 Types of Recession:
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Four types have been identified which include:
1. Boom and Bust Recession
This kind is often preceded by previous economic boom. It’s short-lived most times.
2. Balance Sheet Recession
This sort is often characterized by profound decline in balance sheets arising from firm’s assets and poor liquidity. It often lasts for a long time.
3. Depression
This variety is a prolonged and deep recession. It is characterized by very sharp fall in output and high rate of unemployment.
4. Supply or Demand Side Shocks
This category is frequently marked by sudden rise or fall in commodity prices e.g. crude oil can cause this type of recession. In the Nigeria’s case, we are
experiencing sudden low revenue. In addition there has been shortage in supply of oil due to the activities of the Niger Delta Avengers (NDA).Again, a country is said to be in recession when there is 1.5-2% points rise in unemployment within 12 months. No doubt, Nigeria’s unemployment indicator has exceeded this mark.
2.0 Nigerian Political Economy Nigeria is a middle income, partially mixed economy and emerging market, with potentials to expand in finance, service, communications, technology and entertainment sectors. It is ranked as the 21st largest economy in the world in terms of nominal GDP, and about the 20th largest in terms of Purchasing Power Parity. Last year, it was the largest economy in Africa. The Nigerian economy has been adversely affected by external shocks, particularly in the fall of global price of crude oil. Growth slowed down sharply from 6.2% in 2014 to an estimated 3.0% in 2015. Also, Inflation increased from 7.8% to an estimated 9.0%. The sluggish growth is mainly attributed to a slowdown in economic activity which has been adversely impacted by the inadequate supply of foreign exchange and aggravated by the foreign exchange restrictions targeted at a list of 41 imports, some of which are inputs for manufacturing and agro-industry.
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The 2016 Nigerian economic outlook shows very slow economic recovery as some of the reforms newly implemented begin to take effect and measures are being put in place in order to boost the economy. One of such measures include increased spending on infrastructure. Some specific reforms pursued by the new administration to lay a foundation for renewed growth are commendable; some of the key reforms include: 1. enforcement of the Single Treasury Account to block financial leakages. 2. the rationalization of the public sector in order to cut the cost of governance; 3. enforcement of tax compliance; and 4. preparation for zero-budgeting that started in 2016; and increasing the ratio of capital to recurrent expenditure. Security remains another major challenge, especially in the North east part of the country and the Niger Delta area. While the military has stepped up the fight against the Boko Haram insurgency, the humanitarian situation has continued to deteriorate. The number of internally displaced persons is estimated at over 2 million. Concerted efforts have been made by the Government and concerned international bodies have continued to explore additional ways of improving the situation in all affected areas. As it were, some of these measures are good in themselves but they appear to be type of crisis management introduced when we are already in recession. We should look forward to preventive measures as soon as we come out of the present recession. Factors that caused Recession in Nigeria. Various factors may give rise to recession. They can be enumerated as follows: 1. Poor leadership (Inability of the previous administration to save). 2. Oil price drop 3. Nigeria’s over-dependence on foreign products. 4. Corruption 5. Mono –economy ( over dependency on Oil and Gas) 6. The activities of militants and pipeline vandals 7. Unstable monetary policies 8. Unemployment I will briefly discuss them one after another.
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1. Poor Leadership:
Good leadership entails ensuring that the existing structures within the Government Agencies and Parastatals are adequately well equipped. Empowering as well as building such institution within the system and not within individuals.
Having a prudent financial and saving culture. This is most eminent in terms of Nigeria’s foreign reserve which has been poorly depleted over the past years especially. 2. Oil price drop: The dwindling oil price in the international market over the past few years have caused panic all over the world. At one point this price fell by more than 70 percent compared with June 2014 levels (when it was at $160 per barrel). Although Prices have recovered a few times since the last year, and now appear to be bound by a range of $40 to $50 a barrel. It caused a lot of economic imbalance in the Nigerian economy which is currently a Mono- Economy since Nigeria depends mainly on revenue from petroleum for her Economy sustainance. 3. Nigeria’s Over-Dependence on Foreign Products: Nigeria’s over dependency mostly on imported goods and services for survival has direct negative impact on its economy. We also observed that Nigeria rarely exports even primary unfinished products, solid minerals, agricultural products; but largely imports most finished goods. However, the ideal thing is to export processed products. These lopsided foreign trades have a lot of negative effects on the Nigeria economy, which include: i. increase in unemployment. ii. Widening of disparity between our current and those of advanced economies. iii. growing national debts. iv. over dependence on foreign markets, and technical known- how. 4. Corruption:
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The need to be accountable to the responsibilities assigned to government officials, political appointees, public and civil servants which require that they follow due diligence in managing our funds, rather than siphoning the funds for individual benefits has been brazenly disregarded. Incidentally, these corrupt practices ruined the economy. 5. Mono –Economy (Over Dependency on Oil and Gas): The discovery of Oil led to the neglect of other economic products. Various successive administrations since 1960 have been relying on this product, to which they pay much attention at the expense of other natural resources. Agriculture that used to be the main stay of the nation’s economy before the discovery of petroleum was relegated to the background and has been unable, to date, regain its lost glory even with several programmes initiated by some of the past Administrations.
Other areas that require urgent attention includes: 1. Solid Minerals 2. Power 3. Infrastructures
As a matter of fact, there is an urgent need for the Federal Government to begin looking into diversification of various sectors of the economy so as to attain solid economic growth. The fallen price of crude at the world market has orchestrated the devaluation of the Naira and given rise to increased inflation. 6. The Activities of Militants and Pipeline Vandals. Pipe line vandalization by militants has led adverse effects on daily oil production. It also caused production downtime because damaged pipelines and facilities have to be fixed up or repaired. There is also the problem of breach or poor implementation of agreements between Oil companies and their host communities. These international Oil companies (IOCs) entered into memorandum of understanding (MoU) with host communities as part of corporate social responsibilities on their side. These MoU’s cover policies on employment, students scholarship, skill acquisition programmes, provision of basic amenities such as: roads, water, electricity , schools, clinics, markets, training, and empowerment programmes for farmers. 7. Unstable Monetary Policies:
The Central Bank of Nigeria should provide condusive monetary policy that will attract both domestic and foreign investors. Polices that would ensure that genuine manufacturers can easily access foreign exchange; and encourage others
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to source raw materials locally.
Nigeria can only come out of the recession if the Naira is truly devalued, and there is no longer dependency on the Bureau de Change (BDC). 8. Unemployment: Unemployment contributes sparingly to the economy because unemployed persons spend less. Consequently, making the government to borrow more money because of low revenues and high spending. Rise in unemployment rates correlates highly with increase in crime rate, poor living standards and suchlike.
3.0 Strategies for Triumphing over the Hard Times. The fact that the Nigerian Economy has collapsed is no longer news but the news is how to revive this ailing economy. The Federal Government needs to urgently implement a combination of short, medium and long-term solutions to reflate the economy because the current harsh ship has caused so much hunger and anger in our country and the prompt nature of these solutions are very key. Short Term Economic Solutions.
1. Conflict Resolution: As it is commonly said, in the absence of peace there can’t be any meaningful form of development. The Federal Government should as a matter of urgency intensify her dialogue with people of the Niger Delta region using the Governors as the arrow heads.
2. Government Borrowing: Support Government borrowing effort with a proviso that borrowed funds be tied to Economic Developments via viable projects that would yield Long Term cash inflow to the Nation’s economy. Medium Term Economic Solutions.
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1. The medium term solution should be targeted towards growing the economy by diversifying products that meet international standards so that they can be stable in international markets. In so doing, there must be intervention funds to entrepreneurs while the fund must be well monitored to avoid the kind of ailing scenarios we have experienced in the past. Diversification of the economy is a necessity if we must experience economic revamping. When the economy is diversified, Nigeria’s growth will no longer be determined by the prices of crude oil. The frail nature of the Nigerian economy can be attributed to its being petroleum based. The instance the global oil price plummets, the economy of Nigeria begins to wobble. This nub can be corrected by the development of other sectors.
2. Encourage the export of Nigerian products and strengthen the manufacturing sector, this will not only create employment for the unemployed but will also go a long way in helping the economy.
3. Encouraging acquisition of skills will go a long way in solving Nigerians unemployment challenge. Both the government and the individuals should work hand in hand to reduce unemployment. Another alternative to solving unemployment issue in Nigeria is through self-actualization. Embracing the
opportunities offered by the internet is a welcomed idea in solving Nigerians unemployment challenges. Long Term Economic Solutions: This should border on how policy and investment environment can encourage investors noting that though the present economic situation is gloomy it is believed that things will work well if we all can make sacrifice, reduce cost of governance to enhance development. What we need to do by way of moving our Nation forward comprises the following: 1. Strong institutions: The biggest problem that bedeviled our economy is corruption and one of the ways to tackle corruption is by putting in place strong institutions that will ensure proper implementation and interpretation of our laws. 2. Devaluation of the Naira: Why is there a black market BDC in Nigeria? Why does the country have two dollar rates? This is supervised corruption and main reason why the Naira remains in free and turbulent fall. Central Bank continues to play games with Nigeria, refusing to fully devalue the Naira. A rate duplicity is maintained with the current interbank dollar rate at N305 while the parallel market sells this at N425. This dual rate is corruption and set up to favour
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the cabal who have been dashed billions of dollars via CBN subsidized dollar sales. The dual rate also maintains a competition for dollars which hikes the price at the parallel market with rebound effects on the interbank rate. Nigeria can only come out of the recession if the Naira is truly devalued, and there is no longer pressure on the Bureau de Change (BDC).
3. Reduce security vote: It must be mentioned that waste must be cut in the government. The security vote must be reduced both at the federal level and at state levels.
4. Scrap Import Ban List, Open the Market
The CBN’s import ban list has been described as impartial to the economy. The import ban lists have always been set up in Nigeria’s history to promote the monopolies.
4.0 Some Imperatives.
In what follows, I outline and briefly examine the imperatives
4.0 Some Imperatives.
In what follows, I outline and briefly examine the imperatives for revamping the economy.
1. Promote “Made In Nigeria” Goods
There are reasons why Nigerians do not patronize made in Nigeria goods. These include reliability. The Federal government must update the standardization boards. All manufactured goods must have warranties that are enforced, with customers being 100% protected by the government.
2. Strengthen and Decentralize The Police
Insecurity has cost Nigeria billions of naira in economic loses from the northeast, now a humanitarian catastrophe and a drain to the economy, and continues to do so in the Niger Delta. The fastest and best solution to the continuous breakdown of law and order is stronger and local police. The establishment of Local Police Force is becoming an imperative.
3. Re- define a Vision for Nigeria
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I do not know the vision of Nigeria so far and one wonders if the current government has one. What does Nigeria want to be? We know the vision of Dubai and Dubai took itself there. Does Nigeria want to become a tourist center? Does Nigeria want to become the West and Central Africa central manufacturing capital? Does Nigeria wish to become the food basket of Africa? Does Nigeria wish to become the information technology capital in the world? Or does Nigeria wish to become a combination of these or some of them and others.
4. Niger Delta and the Way Forward
Various avenues and platforms have been put in place to develop oil producing communities and the region. Such measures include the establishment of the Niger Delta Development Commission (NDDC), which has its headquarters in Port Harcourt, the Ministry of Niger Delta Affairs, 13% oil derivation fund paid monthly to oil producing states, social corporate responsibilities to host communities by Oil Companies, and the Niger Delta Amnesty Programme. These intervention platforms have done little to address the economic and developmental challenges of the region. Consequently, it is important that the following measures be adopted:
a) the Federal Government should put an action plan in place to address the problems of environmental pollution and gas flaring in the region;
b) the Federal, States, and Local government councils in the region should site viable and meaningful infrastructural projects in oil producing areas and the region. This will help address the anger the people have towards the government;
c) the Federal Government should work out a political solution to increase the current 13% oil derivation fund;
d) the Federal Government should vigorously pursue its economic diversification efforts;
e) The NDDC, Ministry of Niger Delta Affairs, and the Niger Delta Amnesty programmes should be repositioned to fulfill their mandate. Corruption should be eliminated from their operations;
f) the 13% oil derivation fund should be judiciously used by the state governments to bring meaningful development to oil producing areas of the states’ and
g) Oil Companies should be alive to their social corporate responsibilities in their host communities, MOU'S should be properly implemented. Host
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community leaders should put their people's interest above personal financial gains, they should work for the implementation of signed MOU' S.
5. War on Corruption.
The establishment of the Independent Corrupt Practices and other
Related Offences Commission (ICPC), the Economic and Financial Crimes Commission (EFCC) as well as the Code of Conduct Bureau and its Tribunal is a laudable start on the war against corruption.
Indeed, an effective war on corrupt Economic Policies has to be fought on, at least, the three axes of:
(a) Prevention,
(b) Detection, and
(c) Sanctions and Restitutions.
A law compelling all banks to report to both the appropriate Federal and State Boards of Inland Revenue/Tax Authorities, as well as the law enforcement agencies any deposits, transfers or withdrawals of funds in excess of a specified amount (e.g. N5 million) by any individual. Such a law should provide for the automatic State confiscation if it turns out that the sources of such funds are proved in a court of law to be illegitimate or are connected with illicit money laundering.
All schools should return to the teaching of moral education to instill in our children the spirit of stewardship, while adults live exemplary lives, reflecting truth, kindness, dignity of labour, and integrity. Furthermore, our education institutions should include in their curriculum courses that would enhance Financial Education and Financial IQ Growth and Development
6. Role of our High Institutions:
High institutions should establish consulting units managed by outstanding professors cum professionals. Universities/Polytechnics should aspire to changing lives through the opportunities that they provide and the knowledge they produce. They must be empowered to providing access to everyone with the ability to benefit from a higher education, regardless of their background or means. There must be collaboration between our Academic Institutions, Private and Public Institutions in order to ensure Effective Knowledge Transfer to uprising future generation.
7. Provision of Infrastructure: The government should as a matter of urgency prioritize the provision of infrastructure i.e. be very concerned with infrastructure that will generate mass employment and job opportunities.
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Examples are power, construction of roads, railways, and housing and finally stable electricity in the country.
8. Leadership: The previous federal Government was weak and the MDA’s displayed high level of opaqueness. For the economy to wake up we need strong leadership in the various arms of Government- Executive, legislative and Judiciary.
9. Low crude oil price and Low oil Production output : These two factors contributed significantly to where we are today.
10. Huge appetite for foreign products: This unfettered appetite for foreign products is a huge drain on our foreign reserves. We need to quickly grow local substitutes
5.0 Recommendations
Given the high level of economic hardship being currently experienced, the University and other institutions need stimulus policy that would revive the system and reposition the nation back to its status as it was 16 months ago. It should be noted that the fall in oil price and production are not the only cause of Nigeria economic recession. Yes! Oil only account for 15% of Nigeria GDP. An economic recession is measured on the basis of GDP growth.
There are other external factors to be taken into consideration:
1. We must start building bridges between the academia and the relevant sectors of our economy. Synergizing our high institutions and the government and non-Government sectors is vital to our economic development.
2. Government overdependence on foreign consultants should be reduced. To begin with, we should encourage Nigerian consultants to have joint venture relationship with foreign consulting firms. The period for JV relationships should be defined. It should not exceed 3-5 years.
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3. One major factor that caused our “Hard Times” is corruption. Are we on track or is it still growing?
4. Crude price: Fall in price of crude oil has caused a decline in oil revenue. As a holistic approach, there is need to summon courage to do the needful by passing the petroleum Industry Bill (PIB).
5. Judiciary: our judiciary, like the other segments is sick. May God help us out. Is the sting operation a wakeup call?
6. Diversion of Nigerian economy. The ill of the single economy is a lesson. We must grow other sectors.
7. Looted funds: a special account to be established. Today there is no transparency in what is being returned and who has returned. There is so much secrecy.
8. On budget consideration, we should strive to have more on capital than re-current. Move from 20%/80% capital /recurrent to 40%/60% and eventually 80% CAPEX and 20% OPEX.
9. Put in place and ensure implementation of better Macro-Economic policies.
10. Ensure transparency & Accountability in both public and private sector of the economy.
11. Government agencies that are potential cash cows should be properly funded and more effectively managed.
12. Sales of national assets should be discouraged.
13. Reduce cost of governance in all ties of government.
14. .Curb our unfettered spending on unnecessary programmes and initiatives that are being funded by the use of foreign loans.
15. Check the excesses of economic predators trying to buy up government economic assets.
16. Create employment for our disenchanted youths and graduates.
17. Make refineries to work in full capacity.
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18. Improve our tax collection system as obtained in developed countries .
19. Encourage and promote export oriented businesses.
20. Reduce Security Vote.
21. Get the right minded individuals to manage key areas of our economy.
22. Promote made in Nigeria goods.
23. That NDDC should be under the Ministry of Niger Delta for effectiveness.
CONCLUSION
Our Nation like most nations in the world, have experienced, or are also experiencing recession. This is not the first time we are faced with this kind of monumental challenges. Winners don’t quit and Quitters don’t win. We need to apply wisdom and come together as a nation to focus and develop appropriate strategies to reposition the economy on sustainable path of economic recovery and growth.
6.0 Bibliography
1. Shi’skin, Julius (1 December 1974) the Changing Business Cycle
2. What is the difference between recession and a depression. Saul Eslake Nov.2008
3. Kesselman, Mark, et al
Introduction to Comparative Politics. Houghton Mifflin Company Boston 2004
4. Olson, Mancur. Power and Prosperity. Basic Books: New York 2000
5. H. Craig Petersen and W. Cris Lewis, economics, South-Western Publishing Co. 1988, P.99-109
6. Foucault, M (1991), Governmentality, trans. Rosi Braidotti and revised by Colin Gordon, in Graham Burchell, Collin Gordon and Peter Miller (edj), The Faocault Effect: studies in Governmentality, pp87-104.
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The
Minister of Finance, Kemi Adeosun, on Thursday disclosed that the
ministry would report 33 agencies, which defaulted in remitting over
N450 billion revenue into government coffers between 2010 and 2015, to
the Economic and Financial Crimes Commission for prosecution.
