HARD TIMES | Soludo Reveals How To Revive The Economy

Former CBN Governor, Charles Soludo has said that for Nigeria to come out of its challenge, there should be a coalition of economic policies that can deal with desperate socio-economic issues in a sustainable manner.

Prof. Soludo, in his lecture at the Progressive Governors Forum 4th Progressive Governance Lecture Series, said the collapse of oil prices is a blessing for Nigeria to start a new beginning.
The lecture is titled “Building the economy of states: Challenges of developing inclusively sustainable growth.”

The former CBN boss said Nigeria was dealing with political, economic and social shocks, stressing that growth will not be inclusive if we do not break the dynasties of poverty and maximise the comparative and competitive advantages.

According to him, no state can develop sustainably if the overall governance and economy are in crisis. Nigeria’s economy, in terms of dollar, has collapsed by about 50 percent. 

“Nigeria is facing unprecedented and tremendous political and economical challenges with global and local dynamics. Regardless of these challenges, opportunities and possibilities abound if we address some fundamental issues. The key to achieving this is to have a development plan that is anchored on realising inclusive and sustainable growth.

“Inclusive and sustainable growth cannot be achieved without conscious efforts to deconstruct the dynasties of poverty and maximise states’ and Nigeria’s comparative and competitive advantage.

“Nigeria is not secured and made politically sustainable especially through the de-strangulation of the hold of the Federal Government over states.”

Soludo recommended the‎ Restructuring of the economy from consumption-driven to production-based and‎ Consistency in micro economic policies.

“‎Encouraging fiscal federalism in ways that allow states to have greater control of their resources, evolution of a master plan for mass export oriented industrialization that answers the economic questions and realities of today.

"APC developing over-arching vision of Nigeria without Oil and‎ there should be a coalition of economic policies that can deals with disparate socio-economic issues in a systematic and sustainable manner;

"APC States must develop a peer review mechanism to track, measure and share knowledge and experience in order to achieve shared values that will distinguish APC states from non APC states.

"There is need for communication strategy that effectively communicates change in a forward looking and inspiring manner for the citizenry. This is important for building consensus for development, there should be a coordinating mechanism for developing the 2017 budget.”