By Usman Aliyu

Economic experts on Thursday called for strategic reforms, citizen accountability and evidence-based leadership to revive Nigeria’s economy.

The experts made the call during the maiden public lecture of the Faculty of Social and Management Sciences of Benson Idahosa University (BIU), Benin, the capital of Edo.

The News Agency of Nigeria (NAN) reports that the lecture had the theme, “Rethinking Nigeria’s Economic Management Policies and the Way Forward.”

Delivering the keynote address, Prof. Mustapha Sagagi, a seasoned economist and non-Executive Director at Central Bank of Nigeria (CBN), blamed systemic corruption, weak policy implementation, and fiscal recklessness for Nigeria’s challenges.

“Nigeria does not have a shortage of economists, engineers, or accountants.

“What we lack is a leadership and institutional system that allow good ideas to translate into action,” he said.

He emphasised that macroeconomic policies, no matter how well-crafted, often faltered due to poor coordination among top decision-makers.

He also highlighted the damaging effects of past unbridled borrowing and money printing, noting that over N30 trillion was printed in seven years without corresponding economic output.

Sagagi, a lecturer at the Dangote Business School, Bayero University, Kano, however, acknowledged recent gains including inflation moderation, rising reserves, and improved forex transparency.

He pointed to the CBN’s tightening stance and unified exchange rate system as stabilising forces.

“If not for monetary tightening, the naira could have crashed to N3,000 per dollar. That would have been catastrophic,” he noted.

He stressed that more needed to be done, however, to translate macroeconomic reforms into better livelihoods.

In a lecture, Dr Sam Amadi, a Harvard-trained governance expert, reinforced Sagagi’s points but emphasised institutional capacity and infrastructure planning.

“Development isn’t just about growth. It’s about enhancing people’s freedoms and capabilities,” Amadi said.

He lamented the chronic failure to address productivity, inequality, and multidimensional poverty.

“Nigeria keeps changing governments, but policies remain unimplemented or ill-conceived.

“We need infrastructure that matters—feeder roads, power, education—not flyovers built for political optics,” he said.

Rounding off the session, Dr Ayo Teriba, CEO of Economic Associates, called for long-term planning and infrastructure investment.

“We must put the Ministry of Budget and National Planning at the centre. Without a functioning plan, fiscal and monetary policies are rudderless,” he said.

Teriba advocated replicating the telecom sector’s privatisation success in power, rail, and gas, arguing that “infrastructure was too important to be left to the government alone.

He also highlighted inefficiencies in agricultural distribution, noting that 60 per cent of crops were lost post-harvest due to poor transport and storage systems.

“Agriculture is not failing; the support systems around it are,” he said.

Earlier in his opening remark, Prof. John Okhuoya, Vice-Chancellor of BIU, said universities had a duty to drive policy engagement and development solutions.

“We must move from analysis to action. BIU is committed to being a hub for solution-driven conversations like this,” he said.

In her remarks, Prof. Rosemary Obasi, Dean of the Faculty of Social and Management Sciences of the university, said the lecture was meant to bring stakeholders together to deliberate on the future of the nation’s economy.

She noted that the faculty was confident that insights shared would inspire new perspectives and ideas.

In his address, Prof. Mike Asekome, Chairman of the Local Organising Committee, said the experts were carefully selected to share their expertise and experience in reviewing, rethinking and proffering solutions to the present economic trajectory. (NAN)(www.nannews.ng)

Edited by Kevin Okunzuwa