Economist blames bad governance for current economic woes

Economist blames bad governance for current economic woes

An economist, Dr Biodun Adedipe, on Wednesday blamed bad governance for the current economic woes bedeviling the country, proffering good governance as a way out of the economic recession.

Adedipe spoke in Ibadan at a public lecture organised by the Academic Staff Union of Universities (ASUU), University of Ibadan Chapter.

The News Agency of Nigeria (NAN) reports that the lecture was entitled: “Good Governance: A Surgical Strike against Economic Recession”.

Adedipe, who spoke as the guest speaker, said that recession could happen at any time to any country.

According to him, bad governance is one of the key issues that brought us where we are.  

“Recession is a matter of episodes, but the question is what lessons are we learning from this?

“Until a firm stand is taking and parochial, primordial and self interest is restrained, Nigeria will continue to grope in the dark.

“If we are to turn around the fortunes of this country, we need to take certain actions that will produce intended results, that is good governance is required.

“Good governance says that the power of the people is stronger than the people in power,” he said.

Adedipe said that good governance should include transparency, accountability, rule of law, responsiveness, participatory and equality, among others.

The renowned economist said it was a gross misconception that the country was operating a mono-economy.

“In actual fact, the economy is diversified by GDP contributions; the problem is non diversified of foreign earnings and government revenue with high dependence on the oil sector.

“Also, our recurrent expenditure has taken the forefront, while the capital expenditure accounts for only about 10 per cent,” he said.

Adedipe called for infrastructural development, reduced inflation and jobs creation to bring the country out of the recession.

According to him, while youths account for about 70 per cent of the workforce, only 32.6 per cent are gainfully employed.

In his remarks, Prof. Omotoye Olorode, the chairman of the occasion, called for revaluation of the country’s value system.

Also, Prof. Biodun Ogunyemi, the National President of ASUU, said that intellectuals and academics should be at the forefront in fighting for the future of the country.

“For too long, we have gone back to our comfort zones; perhaps with the exit of the military, we thought the struggle was over.

“Freedom is not a free gift, it must be fought for, and we must use the knowledge we have as a platform of continual engagement and gain freedom,” he said.

Ogunyemi then called on the government to invest in human capital development and research to foster creativity and the needed innovation to bring the country out of its recession. (NAN)

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