Prof.Mike Kwanashie. VC, Veritas University.
ABUJA— VC, Veritas University, Prof. Kwanashie said yesterday that for Nigeria to get out of this present economic mess, there is a great need to be able to manage high interest rates to equilibrium, for Nigeria to build the economy and create its own jobs, a situation where the Federal Government borrowed all the money available in the banks made it difficult for youths of productive ages to source for loans from commercial banks because of high interest rate caused by government borrowing. So government should stop borrowing from the same market, to lower interest rate and allow the market reach the equilibrium on itself. It is a matter of supply and demand to price rate.
The VC of the Catholic University and former Special adviser( Economic and Social Affairs) to the President of the Republic of Nigeria and office of the Vice- President of Republic of Nigeria, a well known in Nigeria and beyond as an authoritative commanding voice in Economics and Policy analysis, Prof. Akwanashie, also spoke extensively on Capital, Loanable Funds, Interest Rate relationships and the equilibrium interest rate determinants;intersection of the demand and supply curves of loanable funds.
He advised on need to cultivate culture of investment and saving, and that If people save more—the supply of loanable funds increases. The increase in the supply of loanable funds will cause the equilibrium interest rate to fall, ceteris paribus.
“Corruption is not a new thing in the world but in other places when they stole monies, they spend it at the same country but in Nigeria, they took it outside the country thereby haemorrhaging the economy”, he remarked.
Donald Duke, former two term Governor of Cross River state , Nigeria, who was among the Key Speakers spoke about adoption of some economic salvation measures in Nigeria against the nation’s consumism culture, that instead of importing most of important items, better to opt producing it locally. He gave example with Home Appliances that instead of importing it rather it can be assembled.
He cited CKD benefits it will generates, apart from creating more jobs and affecting the nation’s exchange rates at the capital market, it will help to boost Know-how Transfer among people; capacity building.
He emphasised that the old saying that youths are the leaders of tomorrow is not just a delaying tactic but an old and worn out adage because it has become clear that youths should be leaders of today that the Youth participation in the drive to Nigeria economic recovery can never be over emphasised.
He advised the Youth to take destiny into their hands with resources available.
“You are not the future generation but are the generation now, Boko Haram, you are seeing, is just a symptom,” he emphasised.
Reported by Pamela James.