Varsity Don Demands Structural Reforms To Revamp Nigeria’s Economy

Unless strategic measures are in place to structurally reposition the economy along the path recovery, the country risk socio – economic implosion in the face of global meltdown.

This was the disposition of the Patrick Linus Akpan, a professor of Business Administration of the University of Uyo (UNIUYO), who expressed concern that the nation’s economy was suffocating under the weight of persistent disruptions, policy inconsistencies and systemic mismanagement.

This was the crux of the 130th in the series of inaugural lectures of the institution held at the 1,000 – capacity TETfund auditorium, Nwaniba main campus of the University, delivered by Prof. Akpan, who painted a gloomy picture of a nation struggling to breathe economically, as decades of instability continue to distort governance and business realities.

In the lecture was entitled; “Disruptions and the Changing Face of Management in Nigeria: Ventilating a Suffocating Nation,” the scholar identified exchange rate volatility, soaring inflation, insecurity and policy failures as major forces crippling productivity and weakening national institutions.

He recalled that since independence in 1960, Nigeria’s economy has remained largely consumption-driven rather than production-oriented—an imbalance he said has deepened poverty, fueled unemployment and triggered widespread business failures.

According to him, while management systems in the country are gradually shifting from rigid bureaucratic models to more flexible, technology-driven approaches, progress has been hampered by weak leadership, poor implementation and limited institutional capacity.

Prof. Akpan described insecurity ranging from terrorism and kidnapping to armed violence, as a critical threat to economic growth, stressing that it has discouraged both local and foreign investments, reduced industrial output and escalated the cost of doing business.

“An atmosphere of insecurity makes meaningful business development impossible,” he stated, noting that the economic toll of violence has forced many businesses to shut down, while several multinational firms have relocated to safer environments.

He further decried entrenched mismanagement in both public and private sectors, linking it to corruption, weak regulatory systems and poor decision-making. These, he said, have contributed to rising inflation, decaying infrastructure and worsening living standards.

The professor also faulted policy inconsistencies, arguing that many government initiatives fail due to poor design, lack of political will and weak accountability mechanisms.

On the business environment, he revealed that manufacturers are grappling with declining sales, mounting unsold inventories and workforce reductions, while small and medium enterprises face survival challenges amid high operating costs and erratic power supply.

He added that inflation and the depreciation of the naira have severely eroded purchasing power, leaving citizens anxious and forcing businesses to prioritize survival over expansion.

Despite the grim outlook, the inaugural lecturer outlined a pathway to recovery, calling for urgent and coordinated reforms to “ventilate” the economy.

He advocated strengthening the nation’s security architecture, entrenching good governance and accountability, stabilizing the foreign exchange market and diversifying the economy away from oil dependence.

Prof. Akpan also stressed the need for increased investment in critical infrastructure, particularly power and transportation, alongside policies that promote local production, job creation and support for small businesses.

Describing unemployment as “desperate,” he noted that Nigerian youths are the hardest hit, urging targeted interventions such as vocational training, public works programmes and stronger private sector collaboration to stimulate job creation.

He further called for fiscal discipline, reduction in the cost of governance and a shift in public spending towards capital projects that can drive long-term growth.

While acknowledging the enormity of the challenges, Prof. Akpan maintained that Nigeria’s situation is not beyond redemption.

“The nation is not beyond redemption,” he said, “but bold actions and strategic management are required to move Nigeria from economic suffocation to sustainable prosperity.”