Categories: BusinessHeadlines

‘I Don’t Envy Incoming Administration,’ Economist Rues State Of Economy

 

An economist Professor Akpan Ekpo has lamented the state of the Nigerian economy but wants the incoming administration to hit the ground running and fix the issues.

He said all micro-economic indices are in the wrong direction as of now which means there is much to be done by the next government.

“First, let me say I don’t envy the incoming government because it is going to inherit an economy that is virtually in disarray,” he said on Thursday while fielding questions on Channels Television’s Sunrise Daily.

“There are several challenges. So, the new government has to deal with the challenges. So, it would inherit an economy that at least in the last five years has not performed very well.”

The public policy expert said the nation’s economy is battling several challenges including rising youth unemployment, underemployment, infrastructure deficit, poor power supply, and poverty among others.

“So, I don’t envy the incoming administration,” he maintained. “But it has to run the economy and it has to first assemble a very good team that is committed to changing the structure of the economy.”

READ ALSO: Nigeria’s Unemployment Rate To Rise To 41% In 2023- KPMG

‘Hit the Ground Running’

He urged the next government which is expected to take over on May 29, 2023, to be honest with Nigerians about the state of the economy which he said is operating below its potential.

“I think whoever comes on should tell Nigerians that the hardship would not stop in a short time and would take a long time for it to begin to show some positive results if the incoming administration is on the right path,” Professor Akpan added.

Specifically, he wants the next administration to address youth unemployment and should “hit the ground running” in that direction as well as other areas.

“So, that regime has to hit the ground running and I hope they are ready for that,” he said, noting that “poverty has increased” in the country.

While further rating the outgoing government in the management of the economy, he scored President Muhammadu Buhari’s administration low.

“Well, in terms of the economy, definitely the government has not performed well,” the University of Uyo lecturer said. “The facts show that they have not performed well. All the micro indices are moving in the wrong direction. So, that economy cannot perform well.”

Emmanuel Egobiambu

Disqus Comments Loading...

Recent Posts

Faye Officially Declared Winner Of Senegal’s Presidential Election

The announcement of the official provisional results seems to clear the way for a handover…

6 hours ago

Nigerians Deserve To Know How Abducted Kaduna Pupils Were Released – Bukarti

The security expert said the government needs to explain to Nigerians circumstances around the release…

7 hours ago

Minimum Wage: Pay FAAC Allocations Of Defaulting States To Workers, TUC Tells FG

While the TUC demanded N447,000 as the new monthly minimum wage per worker, the NLC…

8 hours ago

 Slain Soldiers’ Sacrifice Won’t Be In Vain, Justice Will Be Served — CDS 

General Musa vowed that the military will hunt down the perpetrators of the heinous act…

10 hours ago

PHOTOS: 17 Military Personnel Killed In Delta Buried

The President assured the families of the soldiers of maximum support and approved scholarship for…

10 hours ago

NNPCL Denies Adjusting Petrol Price

The NNPCL reaffirmed its commitment to sustaining the current sufficiency in petroleum products supply across…

10 hours ago