What Nigeria must do to enjoy sustainable growth-Economists

Economists at a two-day conference with the theme:" Strategic Solutions for Good Governance, Food Security, and Sustainable Growth in Nigeria", have identified projects  abandonment and a huge debt burden, as impediments to the nation’s sustainable growth. 

The event which was organised by the Forum of Former Deputy Governors of Nigeria, (FFDG) ended in Abuja, yesterday. 

In his paper titled:" Stabilizing The Economic Policies for Sustainable Growth and Development", the Director, Institute of Capital Market Studies, Nasarawa State University, Keffi, Prof. Uche Uwaleke, gave suggestions on a way out. 

He defined sustainable growth and development as that which meets the needs of the present without compromising the ability of future generations to meet their own needs. 

Uwaleke said: “The country’s huge debt burden measured not by the ratio of debt to GDP (currently less than 60%) but by the debt service to revenue is another huge impediment to sustainable growth and development.”

He suggested that the Federal Government should unlock value in “dead asset optimization involving oil and power assets.”

He also advised Government to deploy more infrastructure bonds when borrowing from the domestic market while the legislature should also contribute by making laws to support reforms. 

Speaking in a similar vein, the Managing Director, Analysts Data Services and Resources Ltd, who is also an economist, Dr. Afolabi Olowookere, advised incumbent administrations to avoid delaying or abandoning projects initiated by their predecessors solely for political reasons.

Olowookere explained that delaying or abandoning projects initiated by predecessors could result in inefficiency, wasted resources, or undermining public trust in Governance continuity.

Has called for effective collaboration between the incumbent leaders and their predecessors on completion of projects for development and the benefits of the people.

This, according to him, will promote a sense of continuity and reliability in governance, improving economic stability.

Olowookere said government projects, especially large-scale infrastructure, education, or health programmes often span multiple years and may be initiated by one administration and completed by another.

He said, when the incumbents collaborate with their predecessors, it ensures  that those projects does  not face unnecessary delays or abandonment, thus maintaining the continuity of public service delivery.

According saids to him, collaboration could help align short-term actions with long-term goals, allowing for idea sharing and ensuring that projects contribute to a broader vision for the country, state or region.

Olowookere said: “Those in government can sometimes make short-term decisions driven by political motives rather than long- term economic benefits.

“In addressing predecessor’s policies, bi-partisan co-operation might be required to create sustainable fiscal policies that benefit the economy.

“The incumbent should maintain policy stability by completing predecessors'  projects that have already attracted investment or public support unless clear inefficiencies are identified.

“The incumbent should consider the political implications of continuing or altering the project, weighing potential backlash against benefits.”

He urged incumbents not only to complete the predecessor’s projects but also enhance them, creating a positive legacy for future governance.