Nigeria And The Development State Economic Model - Prof Akpan Ekpo

Wednesday, May 26, 2020 / 10:21 AM / Ottoabasi Abasiekong for WebTV / Header Image Credit: Derlimited

Nigeria Africa's largest economy must give priority to the "Development State Economic Model" which is a realistic economic philosophy for the nation.  Professor Akpan Hogan Ekpo an economist and public policy analyst disclosed this as a guest on the WebTV "Market Review" program. 

The policy analyst asserted that the "Development State Economic Model" provides the opportunity for the government to give leadership and direction to the economy, creating the avenue for the private sector to participate actively in the socio-economic space. 

He cited Rwanda as an example of how the state plays a critical role in effective policy and strategy, laying the framework for investments and a vibrant private sector. 

"We need a solid and robust public sector in the country, just like the ones in the period of 1970-1980 which produced the First and Second National Development plans" he said. 

Discussing Nigeria's economic growth trajectory, Professor Ekpo, believed Nigeria was at the threshold of taking a defining decision on achieving prosperity and inclusive growth. 

Reviewing the country's recent gross domestic product (GDP) growth rate of 1.87% for Q1, 2020 the economist said it was unimpressive but underscored the need for Nigeria to restructure its economy towards the path of productivity. 

While also assessing the current Economic Recovery and Growth Plan (ERGP) to end by December 2020, he called for a long-term policy agenda that focuses on uplifting millions of people from poverty. 

He stressed that the economic policy plan even if 30 years, should be broken down into short-term programmes of five(5) year duration for effective implementation. 

The anchor of such a plan, according to him, should be a robust Industrialization framework spanning manufacturing, agro-processing and technology. 

Speaking further the scholar, who has been involved in Nigeria's economic planning for over 3 decades, stressed the need for policies to be backed by legislation to avoid the spate of inconsistencies that have characterized previous plans. 

In the area of monetary policy direction, the former member of the Central Bank of Nigeria (CBN) Board, called for alignment with the fiscal authorities. 

He advised the CBN to focus extensively on its monetary policy role, while he acknowledged that the nation faces another possible currency devaluation soon. 

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