The outgoing president of the Nigerian Association of Economists (NAE), Prof. Innocent Eleazu, has said that continuous refusal of the federal government to take advice from indigenous experts, especially those in international development finance and economic management, has been a major setback to the nation’s economy.
Prof. Eleazu, a United States of America (USA)-based consultant, went further to say that Nigeria’s economic woes got worse when former President Muhammadu Buhari-led federal government refused to accept recommendations from NAE on how to lead Nigeria’s economy out of recession in 2021.
The outgoing NAE president also noted that Buhari’s administration refused to embark on massive agriculture and industrialisation to increase production at the local level to check inflation but turned round to devalue the Naira, as well as embark on printing new notes.
He said that some dangerous economic policies of Buhari’s administration, plus the current President Bola Tinubu’s further devaluation of the Naira, exacerbated existing recession and poverty levels of Nigerians.
Prof. Eleazu noted that devaluation without embarking on serious industrialisation often triggers a cycle of socio-economic instability.
Eleazu, now in Nigeria, said his 40 years as the leader of NAE achieved so much for the wellbeing of the country and its citizens, citing a prompt warning to the federal government in 2021 of an impending famine in the country.
He also cited another piece of advice in 2025, to allocate a substantial amount to the agricultural sector with an urge for the government to embark on technology-based agriculture nationwide, both of which, according to him, were not adhered to.
“On what the Nigeria Association of Economists (NAE) achieved during my 40 years of leadership. The Nigeria Association of Economists, under my leadership, accomplished so much. Let me mention just a few.
“In 2021, after an NAE National Conference at the Imo Concorde Hotel, Owerri, we warned the federal government of an impending famine in the country.
“Also, in 2025, the association advised the government to allocate a substantial amount of money to the agricultural sector and embark on technology-based agriculture nationwide.”
Eleazu said he regretted that “had the government heeded NAE advice, the hyperinflation we have today in Nigeria would have been avoided.
Reminding the authorities on the way things are done in other countries, Prof. Eleazu recalled a situation in which a one-time American president, John F. Kennedy, during his tenure, had summoned American scientists and challenged them with the task of sending a man to the moon, which they heeded and accomplished within one year.
“The Nigerian authorities should borrow a leaf from other countries whose leaders use indigenous experts to grow and sustain their economic growth and citizens’ well-being.
“We in academics know that if you do not challenge a student, he will not produce any good results. This is why we challenge students to write a thesis or dissertation before an award of a degree.”
He further advised the government to prioritise industrial development that would lead to an immediate increase in production, thereby strengthening the economy and potentially mitigating arising needs for future currency devaluation.
