Don advocates National Economic Coordinating Council for sustenance of priorities
IDRIS AHMED, LOKOJA.
A renown Economist and Professor of Monetary Economics, Prof. Gbenga Moses Niyi Omofa, has advocated for the establishment of a National Economic Coordinating Council (NECC) .
The high-level institutional mechanism, if established , will align the Nigerian fiscal and monetary priorities, tasked with developing joint macro economics framework and forecast.
The proposed council will also be reviewing trade offs between inflation control , employment and growth as well coordinate fiscal plans with monetary targets before budget implementation.
Prof. Omofa made the call when he delivered a lecture at the 28th Inaugural Lecture series of the Federal University, Lokoja (FUL) , titled: “Financial Sector Development and Macroeconomic Performance in Nigeria: An Uneasy Marriage Between the Monetarists and the Fiscalists”.
He made reference successful global models, such as the budget office of the U.K, and the South Africa’s National Treasury Monetary Policy Forum , which promote transparency and cohension in policy planning.
The Don noted that Nigeria’s policy incoherence is based on the absence of a sustained platform for strategic coordination between key macroeconomic institutions.
According to him, financial sector development cannot meaningfully contribute to macroeconomic performance unless it is grounded in a coherent policy regime that harmonizes inflation control with inclusive, productivity-driven growth.
He also urged that production should be prioritized, saying that financial sector growth should not be an end in itself but a means to support and catalyze the real economy.
“Aligning monetary policies and financial sector development with the needs of productive sectors such as agriculture manufacturing and services will ensure that financial resources collectively contribute to sustainable economic growth and job creation.
He also advocated sectoral recalibration and reconfiguration of financial flow to redirect capital market liquidity and credit expansion towards priority sectors such as Agriculture, Manufacturing and Technology.
Earlier in his welcome address, Vice Chancellor of the University, Prof. Olayemi Akinwumi, acknowledged the contributions of Prof. Omofa and thanked him for chosing to share his rich research journey with the institution, describing the topic of the Lecture as very timely.
Prof. Akinwumi who thanked God for making the 28th of the Inaugural Lecture series of the University possible, said it was not just an academic tradition, but a celebration of knowledge, research, and the intellectual achievements of the Professors.
“This tradition is more than ceremonial, it is a platform where our Professors, having attained the pinnacle of their academic careers, share with the University community and the general public the journey of their learning, the impact of their research, and their contributions to the advancement of knowledge in their respective fields.
“As a university, we are committed to ensuring that all our Professors fulfil this solemn and scholarly obligation. It is our belief that every Professor must tell their academic story”, he said.
