As part of responsibilities of higher institutions of learning in proffering solutions to socio-economic challenges in the country, a Professor of Banking and Finance at Adekunle Ajasin University, Akungba Akoko, Sunday Akinmulegun, has advised President Bola Ahmed Tinubu and economic team to design local economic reforms that are compatible with the nation’s culture and context.
He identified that one of the reasons behind Nigeria’s economic difficulties is the government’s tendency to implement economic policies that are incompatible with the country’s culture and context.
The varsity don warned that unless urgent and significant measures are taken, the nation’s economy would continue to worsen.
He handed down the economic verdict while delivering the varsity’s 27th Inaugural Lecture entitled: “Navigating Economic Conundrum through Globalisation a0nd Financial Strategies,” at the University Multipurpose Hall on Tuesday.
Proffering solutions to the nation’s current economic challenges, Prof. Akinmulegun advised that the government should strengthen macroeconomic policies, improve governance, reduce corruption, develop infrastructure, reform the banking sector, and support small and medium enterprises (SMEs).
He also recommended that the urgent need for government to diversify the nation’s economic base as well as encouraging technological advancements.
The Inaugural lecturer further recommended that the government should improve the business environment, enhance human capital development, leverage public-private partnerships, revolutionize agriculture, disinvest from government-owned enterprises, and domesticate economic policies.
The Dean of the Faculty of Administration and Management Science of the institution noted that the variables discussed in his lecture are intricately linked and crucial for the nation’s development trajectory.
According to him, “One of the reasons for Nigeria’s economic challenges is a lack of glocalisation rather than globalisation, which underscores the importance of incorporating local cultures and contexts in the production of goods and services for global consumption.
“Several global economic policies do not have the cultural foundation in Nigeria to thrive. The government must critically isolate and examine local content and cultural economic paradigms suitable for economic growth in Nigeria, as the Asian Tigers have successfully done.
“Globalisation has undeniably shaped modern economic policies and global interactions through enhanced connectivity and interdependence.
“However, the anticipated benefits for Nigeria remain largely unrealised. Nigeria’s experience with Foreign Direct Investment (FDI) reflects a broader failure to capitalise on these opportunities due to economic mismanagement, poor governance, and political instability.
“Despite substantial inflows of FDI, the expected economic growth has not been significantly evident, indicating the need for robust policy frameworks and stable political conditions to attract and effectively utilise FDI.”
Identifying other reasons for the federation’s economic quagmire, Prof. Akinmulegun said over-reliance of the country on oil exports led to economic imbalances and the neglect of other vital sectors.
In his findings, the professor of Banking and Finance observed that the ‘resource curse’ phenomenon coupled with financial instability and poor regulatory practices in the banking sector, had further exacerbated these challenges.
He, therefore, called for allocation of more resources to agricultural sector to achieve growth and food security in the country with proper monitoring to prevent misappropriation.
Prof Akinmulegun has over 45 published research works to his credit.
Earlier, in his introductory remarks, university’s Vice Chancellor and Chairman of the event, Prof. Olugbenga Ige, described Prof. Akinmulegun as a dedicated academic with over 30 years of experience in academic and research work both locally and internationally.
He, therefore, urged government at all levels and the audience to take the key points of the lecture seriously, describing the inaugural lecturer’s insights as invaluable, given his extensive experience in senior administrative and academic positions.