By Henry Uche
An economist at SPM Professionals, Paul Alaje, has attributed the current economic downswing in Nigeria to lack of viable economic development plans by political leaders over the years. He said following the incessant rise in food inflation, unemployment, underemployment and other economic misfortunes that have bedeviled the country most recently.
Speaking on the “Impact Of Inflation on Nigeria’s economy” on AIT yesterday, the economist maintained that most economic policies in Nigeria are not well thought out, hence the resultant economic crash. He cited The Economic Recovery Growth Plan (ERGP) as one of the federal government’s economic policies that failed abysmally owing to lack of financial attachment to effect it.
He implored federal government to emulate economies with similar challenges with Nigeria but who have extricated themselves from the woods by art of thoughtful and painstaking policies that are designed and backed by actions to see it fruition.
He stressed the need to tackle insecurity challenges in Northern Nigeria where Nigeria depends on majority of its food production and supplies. He berated the government for closing the land borders in 2019, saying that yielded no gain to Nigeria.
“Nigerians should be worried over the current stagflation ravaging everyone, if inflation is moderate about one to five per cent it’s acceptable but beyond that becomes unacceptable. The government must rise now and engage people who know theirs onions to deliver Nigerians from this misery.
“There are economies who have similar challenges like Nigeria, but their well-being and welfare are better off because those pioneering the affairs of the state understand their peculiarities and and do the right things to give the citizens a better living condition, what should matter to the government is solutions (who can solve our problems from among us) not who will occupy a lofty position without proferring any solution to our myriads of problems steering at us,” he asserted.