From Fred Ezeh, Abuja
Minister of Finance and the Coordinating Minister of Economy, Wale Edun, has said Federal Government did not promise “silver bullet” (a simple solution to a complicated problem) in the beginning of the administration, as regards the economy, thus justifying the hardship being experienced in Nigeria due to some economic policies of the government.
Edun stated this at the opening ceremony of the 65th annual conference of the Nigeria Economic Society (NES) in Abuja, on Tuesday, with the theme: “Social economic development in Nigeria: Implications, imperatives and impacts.”
The conference had massive participation of representatives of government agencies, renowned economists, captains of industries, the academia, corporate organisations and even economic students from different tertiary institutions across the country.
Edun, who was represented by Grace Ogbonna, director, Economic Research and Policy Management, admitted that Nigeria is faced with several economic dislocations because of several years of leadership failure, stressing that the government was taking tough decisions to strengthen the economy, hence the fuel subsidy removal and other economic policies.
“The most notable dilemma of the Nigerian economy is lack of production, diversification and low production. We also have the challenge of price stability, high inflation, exchange rate depreciation, energy challenge, debt management.”
Nevertheless, the minister said the government was concerned with the hardship being faced in the country, and assured that the government is working on several things that would herald improved economic indices, create jobs, and provide support for Small and Medium Enterprises (SMEs).
He appreciated the support and suggestions that had come from the NES over the years, admitting that they had been useful to the government, particularly in the formation and implementation of policies.
Minister of National Planning, Atiku Bagudu, in his remarks, highlighted the importance of the conference which is a gathering of renowned economists and other professionals involved in economic matters.
The minister, who was represented by Vitalis Obi, permanent secretary, said NES has been at the forefront of guiding the government and its economic policies, assuring that the outcome of the three-day conference would be considered by the government in its economic planning and implementation.
The minister noted that though the economy is recording some growth as reported recently, it is still vulnerable to external shock despite Gross Domestic Product (GDP) growth, hence tough and prudent fiscal policies are required to keep the economy afloat.
Earlier, president of NES, Prof. Adeola Adenikinju, explained that the annual conference often provide the opportunity for “town and gown” meeting whereby a platform is provided for government officials, and economists and other stakeholders to have a sincere dialogue on several issues affecting the economy vis-a-vis solutions to the challenge.
He, however, registered his displeasure with the inability of the government to harness huge human resources abound in NES, thus demanding for reversal.
“It’s unfortunate that NES is always absent in the rooms where economic policies are crafted. That’s a serious disservice to the nation that needs to be corrected and possibly reversed.”
Nevertheless, he reassured that NES will always be available to support the government in crafting policies that would, expectedly, herald growth and development of the economy.
“This annual conference is one of the platforms we often use to engage with the government on issues of the economy.”
He assured that the outcome of the conference will contain superior suggestions that, if attended to by the government, will herald a significant transformation in the economy that would be beneficial to all Nigerians.
