The position of renowned Economist, Professor Olu Ajakaiye, Executive Chairman of African Centre for Shared Capacity Development Building and former Director General of the Nigerian Institute for Social and Economic Research (NISER) that the recently crafted Economic Recovery and Growth plan of the federal government is a better than vision 20,2020 raised some dust at the yearly Bullion Lecture organised by the Centre For Financial Journalism.
Kyari Bukar, Chairman of Nigerian Economic Summit Group (NESG) and immediate past Chief Executive of Central Securities Clearing System (CSCS), chaired the lecture,with Dr Uju Ogubunka serving as alternate chairman while the Governor of Lagos State, Akinwunmi Ambode, who was represented was the special guest of honour.
Prof. Ajakaiye’s lecture entitled “Financing Nigerias Economic Growth” was discussed by Ibim Semenitari, a consummate Financial Journalist and former Acting Managing Director of Niger Delta Development Commission (NDDC), and Dr. Biodun Adedipe, Chief Consultant of B. Adedipe Associates.
Speaking at the event which held at the Civic Centre,V.I.Lagos Prof.Ajakaiye said that although the growth plan threatens to drive the private sector out of the debt and equity markets, but with the right strategy this could be avoided going forward.
Even as he posited that the expectations expressed in the plan that the private sector should contribute about 75% of the required investment come 2018 looks out of the ordinary as the government business as it seems has been controlling our economic activities as yet.
Dr Boniface Chizea in his contribution wondered why it took the current government two years in power to finally bring out an economic policy,saying that the plan has failed on arrival as it has just one year to implement the plan which he said is unworkable.
According to him the striking posture of the growth plan is governments unrestrained borrowing,maintaining that this lore for debt endangers the future generation of Nigerians as it holds no positives for the nation.Complaining that as “we speak “about 2.3trillion has been moped via the federal savings bond from the capital market and billions collected from foreign debt markets
The CEO of Proshare ,Femi Awoyemi in his contribution described the growth plan as a fine plan that is so fine because it is a complete fiction that can not be implemented.
According to the CEO Ray Echebiri ,CFJ Nigeria was established to provide specialised training programmes in financial journalism with a view to addressing the knowledge and skills gap in the practice of the trade, and to conduct research on financial journalism, business, the economy, development and banking and finance.
The activities of CFJ Nigeria were flagged off on March 17, 2016 with an inaugural lecture delivered by Professor Akpan Hogan Ekpo, Director General of West African Institute for Financial and Economic Management (WAIFEM) and former Vice Chancellor of University of Uyo.
The lecture was dedicated to one of the world’s greatest Revolutionary Marxist Scholars, late Professor Eskor Toyo, who was once the academic adviser to Ray Echebiri, founder and chief executive of Centre for Financial Journalism.
CFJ Nigeria is governed at the board level by eminent Nigerians, with Ernest Ebi, former deputy governor of the Central Bank of Nigeria, as chairman. The faculty is populated by some of the best brains in Journalism and Communication, Finance and Banking, Economics, Law, Development and Politics, who bring their expertise and wealth of experience to bear on the offerings of the Centre.