Lagos, March 17, 2016 (NAN) The Director-General, West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan Ekpo, has urged the Federal Government to sustain massive investments in infrastructure to move the nation forward.
Ekpo made the plea at the Inaugural Lecture of Centre for Financial Journalism on Thursday in Lagos.
The News Agency of Nigeria (NAN) reports that Ekpo was the guest lecturer at the lecture session titled “The Nigerian Economy in Distress: Policy Choices for Buhari’s Administration.’’
The director-general said that it was clear that the Nigerian economy was in distress.
He, however, said that massive investment in infrastructure would save the nation from collapse.
“Investment in power in particular would enhance growth and generate employment.
“It would result in the establishment of new micro and small-scale industries as well as sustain existing ones,’’ he said.
The economist said that the release of funds for infrastructure in the 2016 budget would enhance liquidity in the system.
He said that construction of both urban and rural roads, as well as repair of existing ones would generate jobs.
Ekpo said that a revamped housing sector for all levels of income through the mortgage process would stimulate growth and generate employment.
He urged the government to rebuild the public school system, adding that only the public system could produce the mass of literate Nigerian who would aspire to acquire various skills at the tertiary level.
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Ekpo also urged the government to grow the real sector because only modernisation of agriculture and industrialisation of the economy would generate employment as the economy grows.
Also speaking, the Chairman of the Inaugural Lecture and Founder, Centre for Values in Leadership, Prof. Pat Utomi, said that the nation would still continue to repeat same mistakes because there was no accountability.
Utomi said that the problem with the economy was that people who talked a lot were people who knew nothing about the economy.
He commended the management of the Centre for Financial Journalism for creating the atmosphere to deliberate on the future of the nation’s economy.
The President, National Association of Women Journalists (NAWOJ), Mrs Ifeyinwa Omowole, urged financial journalists to concentrate more on the traders who were more affected by the nation’s economic policies.
Omowole said most of writings had helped to raise the level of financial administration in public sector.
The event was witnessed by financial experts and renowned industrialists.
They include: Chairman, Board of Directors of Financial Journalism, Mr Ernest Obi; an industrialist, Mr Tilewa Adebayo; Founder of Proshare Nigeria Ltd, Mr Femi Awoyemi; and Director of Public Affairs, Lagos State, Mrs Toro Oladapo. (NAN)