A University Don, Prof. John Adebayo Oloyede, has called for national economic rebirth to address fundamental issues confronting the economic development in Nigeria.
He made the call in the 72nd inaugural lecture, titled: “Financial sector Reforms and the Exchange rate stability; Dynamic and Paradox of the Nigerian Economy,” delivered at Ekiti State University, Ado Ekiti.
Specifically, he said that one indispensable instrument to achieve this remains a well structured, reformed and efficient financial system by taking cognizance of the dynamics and paradoxical issues.
He identified issues that must be addressed as sustainable mechanisms for good governance, transparency and accountability for public office holders with appropriate sanctions for default; the supremacy of the constitution and law, including forum for national dialogue and consensus on all contending national issues such as resource control, revenue allocation among others.
Others, he said are observance of democratic values and practice including the freedom of speech, thought, association and the press as well as free and fair elections and apparatus for budgetary, monitoring and control for effective financial management.
Prof. Oloyede said that government should promote stable policy environment by adopting highly disciplined economic policy that avoids large unpredictable swings in the size of budget deficit.
The university don pointed out that the reason is that fiscal recklessness that engenders unwarranted expansion in the money supply largely accounted for the large persistent depreciation of the nominal exchange rate.
He said the Nigerian financial sector should be urgently and seriously refocused for exchange rate stability and sustainable economic development.
He said that in the pursuance of exchange rate stability, the present arrangement have not satisfactory produced the desired exchange rate stability, “therefore should be urgently reviewed and properly harmonized to the extent of ensuring full liberalization of the exchange market with zero or minimal intervention of the CBN.”
