Policy Reform Recommendations to Ease Economic Woes in Nigeria: Insights from Adeola Adenikinju, President of the Nigerian Economic Society

Adeola Adenikinju, president of the Nigerian Economic Society (NES), has put forward some crucial policy reform recommendations to alleviate the economic challenges facing Nigeria. Speaking at a virtual event themed ‘One year of Tinubunomics: Analysis of impacts and lessons’, Adenikinju emphasized the importance of implementing effective social transfer programs that leverage technology to target beneficiaries, particularly the poor.

Adenikinju criticized the rejection of a proposed N8,000 monthly stipend for Nigerians, stating that while some may view it as insignificant, for many it could mean the difference between life and death. He stressed the need to assist the poor in any reform efforts and highlighted the importance of finding ways to support those in need.

Discussing the government’s renewed hope agenda and Tinubunomics, Adenikinju highlighted the role of a strong government and fiscal system in the economy. He emphasized the need for a coordinated approach between fiscal and monetary policies to achieve objectives such as job creation and economic growth.

In his presentation, Adenikinju underscored the importance of understanding the socio-economic environment, structural constraints, and proper timing of reforms. He emphasized the need for well-thought-out policy sequencing to minimize negative impacts on the economy and stressed the importance of diversification to reduce dependence on crude oil revenue.

Adenikinju also called for the government to explore opportunities to unlock fiscal finance resources from non-performing national assets in collaboration with the Ministry of Finance Incorporated. He highlighted the importance of transitioning the economy away from a reliance on a single resource and focusing on economic diversification to meet domestic demand and reduce dependence on imports.

Overall, Adenikinju’s policy reform recommendations offer a comprehensive approach to addressing Nigeria’s economic challenges and pave the way for sustainable growth and development in the country.