By Lucy Ogalue
The Independent Media and Policy Initiative (IMPI) has called for more prudent management of Nigeria’s abundant natural and financial resources to ensure sustainable economic growth and reduce poverty.
The IMPI Chairman, Dr Omoniyi Akinsiju, said this in a policy statement on Friday in Abuja.
According to Akinsiju, the lessons of the past decades showed that effective resource management and sound economic policies are essential to reversing the nation’s high poverty rate and achieving inclusive development.
The IMPI boss emphasised the need for a coordinated policy framework that linked revenue growth with investment in productive and labour-intensive sectors.
According to him, Nigeria’s previous experience emphasised the dangers of policy missteps that weakened domestic production and increased poverty levels.
“For Nigeria, the exchange rate appreciated five-fold, and the relative profitability of domestically produced goods fell.
“The country became a net importer of food after being a major exporter of cocoa, palm oil and rubber.
“Migration from rural to urban areas reduced agricultural productivity and further deepened poverty.
“Also, while government spending during oil boom periods expanded, much of it went into unprofitable ventures that created limited employment opportunities and had little impact on welfare,” he said.
The IMPI boss said that even during periods of economic growth, poverty remained high because there were no adequate social safety nets to protect vulnerable citizens from economic shocks.
Akinsiju, therefore, urged current and future governments to ensure that revenues from natural resources were channelled into sectors that promoted job creation, value addition and sustainable livelihoods.
According to him, the country’s long-term prosperity depends on consistent fiscal discipline, inclusive policies and stronger protection for vulnerable groups.
He reaffirmed IMPI’s commitment to supporting research-based policy advocacy that promotes accountability and strengthened Nigeria’s development planning.(NAN)(www.nannews.ng)
Edited by Francis Onyeukwu
