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Renewed Hope Agenda will not Solve Nigeria’s Economic Woes – Renowned Economist Warns

A renowned economist, Professor Akpan Ekpo says President Bola Tinubu’s administration is merely implementing the World Bank and IMF tailor made economic prescriptions under the guise of Renewed Hope Agenda.

In a statement, professor Ekpo noted that the Nigeria Economy is at its lowest since Independence as macroeconomic fundamentals have been moving in the wrong direction since the eight years reign of former president Mohammadu Buhari.

He warned that millions of hapless Nigerians will continue to wallow in poverty if the current administration fails to discontinue implementing neolibral economic policies under any guise.

Ekpo urged the Tinubu’s administration to emulate the Asian Tigers who rejected IMF/World Bank prescriptions and implemented home grown economic policies.

“The eight years of President Mohammadu Buhari with the APC mantra of change was a disaster in terms of economic performance.

“The Buhari administration approved a development plan of 2021-2025 and an Agenda 2050 economic blueprint.

“The New administration of President Ahmed Bola Tinubu in assuming office on May 29, 2023 came up with a 7 point priority within the Renewed Hope Agenda.

“Most of the priority areas are embedded in the approved economic development Plan 2021- 2025. Moreover, the same party, APC is in power.

“There seems to be a disconnect between the APC of President Buhari and that of President Tinubu. My concerns center on the pieces of advice given to President Tinubu in implementing his renewed hope agenda under the so-called ‘Bold Reforms’.

“The implementation has resulted in untold hardship to millions of Nigerians who were already suffering under President Buhari. The entire reforms rest on market fundamentals coated with neo-liberalism and the Washington consensus.

“Let me argue upfront that neoliberal policies will not solve the economic problems of Nigeria.

“It should be stated that countries such as those in Asia rejected neo-liberalism garnished with pieces of advice from the World Bank and the IMF in order to leap-frog into sustained growth and development.

“The newly industrialized countries of Singapore, Malaysia, Indonesia and China rejected the World Bank/IMF prescriptions. These countries conceptualized, formulated and implemented home grown solutions to escape from backwardness and underdevelopment.

“The World Bank and the IMF have become too visible in our appetite for advice. Their one-size fits all policies must be rejected if Nigeria is to make progress.” The statement read in part.

The revered economist further asked the government to seek wise counsel from notable experts who can fix the economy.

“Let us not forget history. We implemented Bretton Woods model of Structural Adjustment Programme from 1986 and the Nigerian Economy was in disarray up to 1988 and beyond.

“It took Chief Anthony Ani, Honourable Minister of Finance under General Abacha to salvage the economy by conceptualizing and implementing the philosophy of guided-deregulation.

“During the period of Chief Ani, macroeconomic fundamentals such as exchange rate, unemployment and inflation rates moved in the right direction prompting some observers to label the period the ‘Abacha Miracle’.

“I will suggest that the present economic team seeks the wise counsel of Chief Anthony Ani.”

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