The Governing Council of the Institute announces A Day Open Discussion On Nigeria Economic Situation And The Way Forward.
Held as follows:
THEME: NEW ECONOMIC MODELS: RESEARCH AND INNOVATION
Sequel to the current economic vulnerabilities, the institute is setting up a quasi platform for an open discussion on the state of the nation’s economy, viciousness, implications, create research interest with a view to develop new economic models for bailouts and possible recommendations for economic restorations.
Attendees: All Members, Academia, Researchers, Policy Analysts, Technocrats, Financial/Investment Professionals, Professional Associations/ Bodies, Investors, all stake holders and the General public.
COMMUNIQUE OF A DAY OPEN DISCUSSION ON NIGERIA ECONOMIC SITUATION AND THE WAY FORWARD held on 2nd April 2016,
THEME: New Economic Models: Research and Innovation
The OPEN DISCUSSION was designed and organized by the Chartered Institute Of Financial and Investment Analysts of Nigeria as a quasi- platform to discuss matters relating to our current economic situation while inculcating the ideas of developing new economic pathways.
The Lead Technical paper presentation was done by Dr Prince Nwakama, out-going Chairman/President of the Council and Senior lecturer-University of Portharcourt. Title of the Paper was Is Managing of Public Finance the Bane of the Nigerian Economic Crisis?. Other Papers delivered were Economic Models: Research and Innovation by Mr Chris Kaka a lecturer with the College of Financial & Investment Analysts and Management expert , Business and Investment Potentials in the Maritime sector presented by Mr. Moses Oyebola- Nigerian shippers Council, Boosting Nigeria Economy GDP through Agriculture e-marketing paper presented by Farmers Online, The Nigerian Economy: The Past, Present and the Future paper presented by Dr Adeika Obadeki and Co-operative as a panacea for community & rural development by Dr Peter Njam, and Dr. Linus Obinna (Literature reviewer ).
Delegates from different parts of the country numbering approximately One-hundred (100) attended the Open/ Economic forum Of Chartered Institute Of Financial And Investment Analysts, Nigeria (CIFIAN) held at Merit House ,Maitama, Abuja.
The forum was hosted by the Governing Council of the Institute. Among the participants were Staff of the Nigeria Shippers Council , members of the institute, academia, professional associations ,technocrats, other representatives and agencies etc.
The objectives of the open discussion amongst other things was to inculcate into the participants in attendance
- To create an atmosphere were discussants can openly discuss current economic situations with a view for recommendation on economic prosperity
- To learn how to see and understand current realities in various sector of the Nigeria economy, our advantages and how to get there
- To align themselves with new economic models relevant to the economic realities of our time
- To help ascertain and come to the realities of our previous vision vis-a vis our current vision
- To steer the interest of stakeholders to the existence of Nigerian economic vulnerabilities in order to critically proffer solutions.
- To review economic models in view of sustainable innovations and rich researches so as to make up for the gaps in the infrastructural deficiency.
- Understand issues or challenges that are crucial for short- longterm Economic analysis and models.
PAPERS REVIEWED/ DELIVERED
The Lead Technical paper:
(A)Is Managing of Public Finance the Bane of the Nigerian Economic Crisis?,
(B) Economic Models: Research and Innovation
(C)Business and Investment Potentials in the Maritime sector
(D)Boosting Nigeria Economy GDP through Agriculture e-marketing
(E)The Nigerian Economy: The Past, Present and the Future
(F)Co-operative as a panacea for community & rural development.
- The papers were presented in power point slides which enabled the participants to view, be involved and assimilate ideas faster and better.
- The Key note speakers were equipped and knowledgeable, their papers were well researched, articulated and adequately delivered.
- The program allowed for interactive sessions which allowed participants to get involved through expression of individual ideas.
- Participants appreciated the high quality of materials received and were grateful to the institute.
The overall objective of the discussion was to explore new models in analyzing and evaluating our current economic situation and to proffer solutions to our ailing economy. During the session, the research team working on panel reviewed the papers and made the following recommendations.
- Institutional models- Growth in social infrastructure as a critical determinant of growth, quality of legal, political, religious and educational institutions. This institutions should be autonomous and less dependent on the center, and strive to outlive administrations
- Educational models- Focus should be the need to redefine our educational goals at all levels in other to build our very modern human capacity needs in line with current realities. Building the future generation in the areas of Science and Technology, Agriculture, investment education etc. increasing the capacity of farmers through regular training and retraining, this would result in better produce, better packaging and invariably exportable product thereby boosting income/revenue generated, increase employment and foreign exchange earnings.
- Attitudinal change is very cogent in the drive to find solutions to Nigerians current economic challenges. The need for everyone to have a changed mindset of probity, integrity, accountability, commitment, and Professionalism. For instance beneficiaries always defaulting in the payment plan of Government SME credit schemes from banks failing to realize that they are the demographic micro components of the entire economy: and that their failure in this regard directly or indirectly affects the output of the Nigerian economy.
- For significant and sustainable progress to be made in the agricultural sector there is need for government to negotiate land on behalf of farmers, increase the level of infrastructural development accessible to farmers especially at the rural level. Creating a functional commodity exchange board this are necessary to serve as impartial arbitrators between market forces and the farmers. This would help in structuring prices and serve as guarantee for the farmers if the forces of demand and supply should fail.
- In order to put an end to Rural- Urban drift, pilot states should be identified and focus be given in areas of specialization this serves as a better and more transparent option than the idea of fertilizer subsidies, insurance cover could also be offered to serve as a cushion to farmers in cases of natural disasters.
- A new policy redirection should be made compelling all the National Youth Service Corps (NYSC) to serve their one year compulsory service in agricultural set up or farming.
- Business and Investments potentials in the maritime sector should be enhanced and encouraged. The maritime sector can be referred to as the “Blue Economy” and is the second highest source of GDP after Oil and Gas.
Areas of investment that could be explored are as follows:
- Ship and Vessel building
- Port/ Terminals Building and operation
- Cargo Operations
- Marine Tourism
- Ancillary Activities.
ECONOMIC SITUATION EVALUATION
All respondents agreed that there is a need to diversify the Nigerian Economy. 100% of respondents believe that exploring other alternative investment opportunities would help in revamping the economy. 75% of respondents disagree with the idea of devaluing the naira while 94% agree on the fact that the government should have a detailed roadmap on the diversification of the economy.90% of the respondent believe that government should create a favorable climate to encourage the production and consumption of locally made goods and services. 85% of the respondents’ advice that the critical sectors that contribute to the growth of the Nation’s Economy should be given accelerated considerations. 75% of respondents see research and innovation as key factors that can revamp the nation’s economy. 25% of respondent rate the economy to be good while 25% rate it to be doing averagely okay. A total of 50% rated the economy to be poor.
The Participants underscored that the status quo is not sustainable, and stressed the importance of both sides – Public and Private sectors to demonstrate with policies and actions, a genuine commitment to economic diversification in order to rebuild investor confidence whilst improving the dwindling fortunes of the nation.
The Participants highlighted the key roles and discussed possible ways in which the Institute could help advance this course by visibly providing meaningful contributions to Nigeria’s economic discuss. The Institute on its own part welcomed contributions from other stakeholder’s and offered to coordinate such endeavors, especially the prospect of convening similar conversations in the future.