Economic Reforms: CIBN Chair Recommends Vietnamese, Rwandan, Indonesian Models

For there to be a complete economic turnaround in the ongoing economic reforms engineered by the President Bola Tinubu-led federal government, sincere political will must be committed to galvanise productive assets into workable, enterprising ventures.

President and chairman of the Council of the Chartered Institute of Bankers (CCIBN), Prof. Pius Olanrewaju, said this while delivering a thought-provoking lecture during the 6th Annual Birthday Lecture Series in honour of a renowned Economist, Prof. Akpan Ekpo, at the University of Uyo (UNIUYO). He said Nigeria should draw inspiration from Rwanda,  Indonesia and Vietnam’s economic models.

The lecture series, organised by the Centre for Public Policy (CPP) held at the UNIUYO TETFund auditorium, Nwaniba main campus hall, for retired Prof. Ekpo, at 71, reflected on his life of scholarship and contributions to the field of economics and national development.

In his keynote presentation, the CCIBN Chairman, the Lecturer, regretted that enormous potentials in both human and material resources abound, but with no political will to drive any tangible product outputs to tailor the dwindling economy along the path of genuine growth.

He highlighted Nigeria’s vibrant youth population, entrepreneurial energy, and abundant natural resources, emphasising that “stable and well-executed policies could harness these assets for transformative growth.”

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Olanrewaju, who identified policy inconsistency, unclear regulations, and weak coordination between fiscal, monetary, and structural reforms as major impediments against the federal government’s economic policies, advocated the infusion of other international templates that worked to revamp other economies especially in Africa and Asia.

Drawing comparative insights from Rwanda,  Indonesia and Vietnam, Prof. Olanrewaju, recalled that “these countries achieved commendable progress through deliberate reforms, economic diversification, and strengthened institutions.”

He, therefore, stressed the need for deliberate planning, unwavering commitment and execution of policies, assuring that faithful devotion to the implementation of these economic revival antidotes would pave the way for the enabling environment to drive Nigeria’s economy out of the woods.

Professor Ekpo, a former vice chancellor of the University of Uyo, expressed his gratitude to God and the guests for celebrating his life. Many guests offered prayers and goodwill to the celebrant, wishing him more years of fruitfulness.

The lecture series provided a platform for experts to discuss Nigeria’s economic challenges and potential solutions. It also highlighted the importance of leadership, policy consistency, and institutional strengthening in driving economic growth and development.