The Institute of Chartered Economists of Nigeria has inducted no fewer than 130 new members to help draw out policies to improve the country’s economy.
The Group Director General, ICEN, Prof. Christopher Balogun, disclosed this at the 2018 National conference of the Institute which held at the Lagos State Chambers of Commerce and Industry, Ikeja, Lagos, at the weekend.
The conference also featured the induction of the new members as associate and fellowship members as well as the conferment of Professional Fellow Doctorate on members.
Balogun disclosed that the number of the newly-inducted members was the smallest the institute had ever inducted, stating that he hoped they would work together to grow the economy rather than criticising it on social media.
“This is the least we will be inducting today, not less than 130 members will be inducted into the institute,” he said.
“Our objectives in inducting these new members is that they come up with new ideas to assist the government to go forward instead of criticizing them using the social media and other forms. At the end of the day, this country can be a better country.”
He further enjoined the Federal Government to pay full attention to the institute’s policy saying the mismanagement of the economy has brought it down.
“The Government has not been helpful enough, we want them to come in fully. We have the personnel, we have everything that will help us run the affair of this country if the Government agrees to collaborate with the institution in a lot of things.
“Just as we have seen from the paper presentation so far, it takes the eyes of the people to see the need for the management of natural resources.
“We have all it takes to be a country but because of the mismanagement of the country, we are where we are today. Instead of going forward we are going backward. We are the eyes of the government and the participant so they can see the need to grow and manage the resources for a better result.”
Delivering a paper titled, Managing Nigeria’s Natural resources for sustainable development, at the conference, Chief Lecturer, Department of Banking and Finance, Institute of Management and Technology, Enugu, Dr. Ogochukwu Chinelo, disclosed that there was too much burden on the oil sector.
According to her, Nigeria’s major natural resource (oil) has paved way for prosperity in other developing countries like Ghana, meanwhile the country is still wallowing in abject poverty because of our over dependency on oil as the only source of income.
“Petroleum and allied products were top earners still contributing 89.52 per cent of Top ten exports in Q1 of 2018. Agricultural products and minerals remain low down accounting for only 1.09 per cent and 0.75 per cent respectively.
“Thirty years ago, Indonesia and Nigeria, both dependent on oil had comparable per capita incomes. Today, Indonesia’s per capita income is four times that of Nigeria. Indeed, Nigeria’s per capita income (as measured in constant dollars circa 1995) has fallen and similar pattern holds true in Sierra Leone and Botswana whereby, both are rich in diamonds and yet Botswana averaged 8.7 per cent annual economic growth over the past thirty years, while Sierra Leone plunged into civil strife, according to Stiglitz 2005,” she said.
Ogochukwu further proffered the solution to the economic problem, saying the country should diversify and not rely on oil alone.
“The key for Nigeria is diversification. The need to shift focus becomes even more apparent following Nigeria’s slide into recession in 2015 simply because of shocks and dwindling oil revenue,” she said.
Meanwhile, a past National President of ICEN, Dr. Eshiobo Sam Shola, while addressing the inductees, said they should help combat the economic challenge by being disciplined, hardworking, honest and have zero tolerance for corruption.
