TASK BEFORE THE NEW CHIEF ECONOMIC ADVISER TO THE PRESIDENT ~ Afolabi Faramade

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Doyin Salami



   Based on his pedigree and vast experience in economic matters, the appointment of Professor Doyin Salami (formerly of Lagos Business School) as the Chief Economic Adviser to the President is a welcome development.


The expectations are very high as the administration begins to wind down in preparation for the 2023 general elections.


There are a lot of fundamental issues confronting the Nigerian economy which require urgent solutions.


The economy is overburdened by heavy debts (both local and foreign) with huge cost of debt servicing; overpopulation; insecurity; high rate of unemployment; hyper-inflation; low purchasing power of the Naira; widespread poverty; high cost of foreign exchange for manufacturers; erratic power supply; infrastructure deficit; humongous cost of governance at all levels and endemic corruption.


No doubt, the challenges are enormous but they are not insurmountable.


What matters most is fashioning the right economic policies which will have positive impact on the lives of the citizenry.

Economics has gone beyond mere figures or statistics.

The common man is not interested in Gross Domestic Product (GDP) or other fanciful indices to measure economic performance.


What matters most to the average citizen is having food on the table and taking care of his family obligations.

The Chief Economic Adviser and members of Presidential Economic Advisory Council need to think outside the box to diversify the economy and map out strategies to empower the citizens financially.


The temptation to adopt western economic models as prescribed by the International Monetary Fund (IMF) and the World Bank must be avoided. Most times, the recommendations from these international financial institutions are counterproductive and often cause more economic woes.


The Nigerian economy has been in a terrible mess since the adoption of Structural Adjustment Programme (SAP) by the Babangida administration in 1986.


Two major consequences of the ill-fated policy include massive devaluation of the national currency and escalation of poverty.


A major contentious issue is the proposed removal of fuel subsidy without local production of fuel.

The Nigerian economy is fuel-driven. The Federal Government needs to build more refineries under the Public Private Partnership (PPP) template.


The continuous dependence on fuel importation is detrimental to the economy.

It is indeed a national calamity that all the NNPC refineries are moribund!


While economists and politicians hardly see economic issues from the same angle or perspective, it is hoped that the Government and the Economic Management Team will be able to reach consensus on policies that will be beneficial to the people.


Poverty reduction must be given the priority attention it deserves in order to alleviate the suffering of the masses and promote shared prosperity.


Faramade is Programme Director of Journalists Against Poverty.

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