The African Export-Import Bank's Group Chief Economist and Managing Director, Dr. Yemi Kale has stated that the introduction of policies without adequate safeguards is to blame for Nigeria's economic woes.
This was something he said when he gave the keynote speech at the 2025 Vanguard Economic Discourse on Wednesday in Lagos. He stated, "The majority of Nigeria's economic hardship is caused by policies implemented without adequate safeguards, not by unforeseen events.
" Policies must be implemented with foresight, fairness, and firmness in order to build public trust. Kale emphasized that the nation must move away from being reactive to crises. to shift from reactive management to proactive governance to protect Nigerians from economic shocks.
Dr. ponders the wider social effects of economic instability. Kale said, “In uncertain times, households properties stability over ambition—choosing secure jobs in the public sector over higher, unstable incomes.”
"Inflation erodes purchasing power, stifles demand, and pushes both businesses and families into survival mode," he added in reference to the devastating effects of inflation. Additionally, Kale advised against relying on populist economic measures, explaining that, despite the fact that they may provide brief relief, they typically exacerbate long-term instability and undermine investor confidence. He stated, "Capital flight, weakened investor confidence, and rising poverty are not abstract theories—they are symptoms of poor economic governance," establishing a direct link between poor governance and economic decline.
Kale emphasized the urgency of addressing economic mismanagement in his concluding call to action. He stated, "We must treat economic disruption with the urgency it deserves. It is not just a technical challenge; it is a social emergency." The Vanguard Economic Discourse, an annual event hosted by Vanguard Newspapers, is a platform for public-private sector collaboration to discuss economic development.
It brings together policymakers, industry leaders, economists, and key stakeholders to investigate feasible recovery strategies and address Nigeria's pressing economic issues. "Nigeria's Economic Outlook 2025: Hardship and Pathways to Sustainable Recovery" is the topic of the discussion this year.
Tags
local news