The Nigerian Economic Society held its 66th annual conference in the first week of September, and it was a successful outing as usual. The f...
The Nigerian Economic Society held its 66th annual conference in the first week of September, and it was a successful outing as usual. The fact that the theme of the conference was on issues relating to Africa’s development expanded the array of personalities and countries that participated in the conference. The theme “Rethinking Africa’s Development: Pathway to Economic Transformation and Social Inclusion in a Changing Global Economic Landscape” shows the society’s concern about the backwardness of Africa among the world’s continents and the need for Nigeria to take a leading role as it used to do.
The society, in the opening paragraph of the summary of the outcomes of the conference, explained, “The chosen theme … reflected both urgency and resolve… More than six decades after independence, Africa’s development story remains one of promises deferred. Despite the abundance of human and natural resources, Africa continues to rank low on critical development indicators.”
The conference, which was declared open by Nigeria’s Vice-President, Dr Kashim Shettima, GCON, an economist and Fellow of the Nigerian Economic Society, was attended by ministers concerned with economic management, namely finance, budget and economic planning, livestock development, and the Central Bank Governor, Mr Olayemi Cardoso. More important was the participation of representatives of higher-level stakeholders and development partners like the World Bank, the International Monetary Fund, the African Development Bank, the ECOWAS Commission, and others, as well as representatives of 24 African countries tagged transition economies, who were led by the Director of the African Development Institute under the ADB.
The conference actually provided enough information and evidence for African leadership to look into, study, and follow for the true development of the African countries. Over 250 research and policy papers were presented in addition to panel discussions by erudite scholars and policy formulators. A wide range of topics was covered. These include, but are not limited to, issues on governance and policy implementation, debt and development outcomes, economic growth and structure, social inclusion and trust deficits, regional integration as untapped potential, the importance of data as public goods, industrialisation and energy, and the consideration for fragile and transition states/countries.
It was observed that though many of the African countries may not have a national development plan different from Agenda 2063 prepared by ADB/ECA/AU, Africa has no shortage of policies and strategic plans. The problems have to do with weak institutions, frequent policy reversals, and limited transparency, which invariably affect policy implementation, consistency and accountability. Somehow, the leadership prefers taking instructions on development trajectory from the World Bank and IMF instead of African-grown policies as enshrined in the Agenda 2063. It is one of the reasons many African countries do not have national development plans, as these institutions do not believe in long-term plans. Nigeria’s Agenda 2050 took time to complete and was not subjected to due process because the government thought these Washington institutions had not sanctioned it.
African leaders suffer from the political economy of dependency. And it is because, firstly, they are always looking for external loans instead of harnessing domestic savings. And secondly, because they could use the loans as sources of personal illicit wealth accumulation. Even when Nigeria was receiving huge revenue from oil sales under President Goodluck Jonathan, we still went to the credit market. That is why the external loans taken by most African governments do not translate into development. In that case, the NES conference recommended, “Governments must ensure debt is channelled into productive, job-creating projects with broad multiplier effects….”
It was opined that the continent cannot achieve inclusive transformation without giving room for women and children to express their potential. Observations are that many countries have gender-insensitive policies that continue to constrain women and children, and the process widens economic gaps, reduces household resilience, and slows shared prosperity. The conference also noted that despite the long existence of regional economic communities and attendant regional frameworks like AfCFTA, intra-regional or intra-African trade remains minimal. The markets are fragmented, and poor interconnectivity with high trade costs is glaring.
On industrialisation, the conference opined that without deliberate investment in clean, affordable energy, the quest for industrialisation will remain a quest. The current unreliable, high-cost, and carbon-intensive production model, as well as the shallow, uneven, and job-limiting production process, will continue to promote unemployment among the teeming African youths.
Research reports at the conference noted that part of the problems with the desirable economic reforms in energy, taxation, and exchange rate management being embarked upon in Nigeria and some African countries have to do with poor sequencing, weak discipline, and insufficient public engagement. To make reforms successful, they must be “transparent, inclusive and carefully sequenced”. It is also important that the reforms should be evidence-based or research-based for appropriate recommendations on the nature, structure, and timing. In this case, citizens should feel the benefits of such reforms in their daily lives in a short time, as this is key to sustaining their support.
The NES conference believes that strong institutions and sound policymaking are the foundation of economic transformation. The role of massive education of Africans and placing them in appropriate positions relating to their professionalism is imperative. For example, there is a recommendation that the African government should professionalise economic governance by appointing economists to man key ministries and agencies, particularly at the technical and top bureaucracy levels that require such expertise.
The society concluded, “Africa needs a new development compact, anchored in accountability, transparency, inclusivity, and unwavering commitment to people-centred progress. The compact should unite governments, civil society, the private sector, academia, development partners, and citizens in a common resolve to place human dignity and opportunity at the very heart of policy and actions.” Hopefully, Nigeria can provide some positive leadership in an affluent economic transition with its massive human and physical resources.
Provided by SyndiGate Media Inc. (Syndigate.info).
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