29th UMA Pre-Ramadan Lecture: Experts Call for Accountability, Continuous Constructive Engagement between Government and its Citizenry

In the wake of the current state of affairs in Nigeria, speakers at the University of Lagos (UNILAG) Muslim Alumni (UMA) pre-Ramadan lecture have projected that Nigeria stands on the precipice of a profound economic renaissance, and harped on the need for more constructive engagement between the government and citizenry.

It was the 29th edition organized by the UNILAG Muslim Alumni, and it provided a platform for diverse perspectives on Nigeria’s economic reforms. While some speakers expressed concerns about the impact of the economic reforms on the common people, others presented a more optimistic view of economic projections.

Chaired by the prominent legal luminary, Professor Yusuf Ali, SAN, the Speakers interrogated the topic: Economic Reforms for Nigeria: Challenges and Prospects for the Future. They unanimously described the topic as germane especially as it affects the citizenry more irrespective of creed, ethnicity, political leaning, or social status.

Leading the array of Speakers at the prestigious J.F Ade-Ajayi Auditorium of the institution on Sunday, March 3, 2024, Chairman of the Nigerian Economic Summit Group; Mr. Niyi Yusuf provided a comprehensive overview of the challenges and prospects facing Nigeria’s economy.

Mr. Yusuf who spoke to a large audience including the Vice-President of Nigeria, Alhaji Kashim ShettimaGCON who was ably represented by his Special Adviser on Political Matters, Dr. Abdul-Hakeem Baba-Ahmed; Olota of Ota, HRM Oba (Prof) Adeyemi Obalanlege; members of the University of Lagos Management led by the Deputy Vice-Chancellor (Development Services), Professor Ayodele Atsenuwa; past Presidents of UMA including Senator representing Ogun Central, Alhaji Salis Afolabi Shuaib; government officials; alumni members, among many others.

According to Mr. Yusuf, Nigeria’s current economic state is characterized by high inflation, unemployment, and a significant GDP contraction due to the subsidy removal and other global economic factors. However, these are not well understood by a section of the population, and as such there is need for government to constantly put the citizens right in whatever direction it’s headed by constantly engaging them.

Highlighting the Nigeria paradox, he disclosed that development is still far from good despite boasting of a massive 923,769 sq kilometers of land which is the 32^nd largest in the world as well as being home to various natural deposits such as gold, bitumen, coal, and lithium.

Mr. Yusuf asked the question, “With Nigeria’s immense coastline of 853km and over 14 million of hectares of inland waters, what are we doing?” In answering the question, the Certified IT Governance and Solution Planning Consultant argued with the caption “We Play Too Much – No Sense of Urgency”.

With his expertise and insights on economic reforms, the Obafemi Awolowo University Alumnus enumerated Nigeria’s current situation, its challenges and opined that by 2030 Nigeria could reach the 1 trillion dollar mark in foreign direct investment (FDI) if the economy is stabilized, all fiscal leakages are blocked, Nigeria’s expand its tax net, the country support local business and reform the Nigerian customs and ports.

On the long term, he suggested the continued roll-out of visionary infrastructure project, empowerment of the private sector, investment in human capital investment, and removal of all barriers to MSME’s growth as well as rapid privatization of idle and underperforming national assets.

While x-raying the in-depth discussions on economic challenges and opportunities facing Nigeria, Director, Executive Education and Consulting at Nungu Business School, Dr. Jubril Salaudeen shared perspectives of non-governmental and public space as a discussant. He pointed out the historical context of economic reforms in Nigeria, obstacles to successful implementation, and potential future developments.

Dr. Salaudeen aligned himself with the school of thought that fostering entrepreneurship, innovation, and job creation will catalyse economic prosperity and social development.

On her part, a Professor of Economics at the Lagos State University (LASU) Ojo, JameelaYaqub who examined the topic from an academic point of view, established that several factors have brought redundancy in economic reforms. These factors include corruption, political instability as well as lack of infrastructure and skilled labour.

Using time-tested theories and models to drive home her point, the scholar of the African Economic Research Consortium issued a scathing critique of the current administration’s economic policies, decrying the impact of recent reforms on the average Nigerian citizen as dehumanizing.

Her words “What’s our national goal as a country? Our goal must be one that aligns with the citizenry. Do not let us deceive ourselves, we as citizens should be able to subscribe to whatever the government of the day is doing irrespective of political lineage. I understand that the need for economic reforms is very imperative with the government of today which is barely a year old but I think that reform that does not reduce the cost of governance amounts to nothing.”

Citing India as a case study, she posited that at one point in time the Asian nation had a food crisis but had to rally round to call themselves together to make things right. “Today, India doesn’t have that challenge again. It has now become a major exporter of food across the globe”.

Professor Yaqub used the occasion to address the issue of trust saying nobody believes in the political office holders. According to her, our current leadership imposes on you what they do not do. It is to this end, she urged those in power to practice what they preach.

In the spirit of Ramadan, the Mudeer, Markaz Daarul Salaam, Sheikh Dawud Alfanla Abdul Majeed Eleha, broke down complex economic concepts to the audience and challenged the nation’s leaders to adopt the way Prophet Muhammed (S.A.W) governed during his time with transparency, justice and fairness to all.

The thought-provoking speech by the renowned Islamic Cleric added a cultural dimension to the discussions on economic reforms as it was delivered in Yoruba Language. He highlighted the need for all hands to be on deck to rebuild Nigeria.

Dr. Abdul-Hakeem Baba-Ahmed who represented the Vice President/Chairman, National Economic Council, Kashim Shettima, gave deep insight into the economic reforms of government towards alleviating the current financial situation of the citizenry. The Vice President’s Special Adviser on Political Matters explained that the reforms and several diplomatic alliances are intended to attract investments and partnerships to the country.

He made it clear that the administration does not plan to make lives more difficult for Nigerians or intend to deceive citizens that the current reforms can be achieved without pain or sacrifices.

Earlier, the Vice Chancellor of the University of Lagos, Prof Folasade Ogunsola, OON, FAS represented by the Deputy Vice-Chancellor Development Services, Prof Ayodele Atsenuwa expressed delight at the religious harmony that exists within the university. She was optimistic that the event would serve as a platform for Nigerians to understand the policy drive of the federal government.

Her words “This programme is very significant for us at the university as it has been sustained for over a quarter of a century putting religion side by side with academics. We are most delighted to have you grace the occasion today and hope that the insights shared by the speakers will contribute to informed decision-making and policy formulation in the country’s economic landscape”.

Chairman of the occasion, Prof. Yusuf Ali underscored the importance of the lecture and remarked that economic reforms must be to improve the well-being of the people and not to impose hardships on them.

Prof Yusuf Alli represented by Alhaji Sabit Adewale Shonaike said that the effects of the hardship on Nigerians is unprecedented, adding that insecurity ravaging most parts of the country had limited the chances of the people to succeed.

According to him, these challenges significantly impact Nigeria’s socio-economic landscape and macroeconomic performance. He, however, noted that, with the dawn of a new government, Nigeria is at a transformative juncture ripe with political and economic opportunities to address these challenges, optimize Nigeria’s immense potential, and achieve vital developmental objectives.

UMA Activities 

President of the University of Lagos Muslim Alumni (UMA), Professor Khalid Adekoya in his welcome address urged government to critically look at the fiscal and monetary policies in Nigeria in order to reduce the rising economic hardship on the citizenry.

While expressing hope that the country would get better if all parties play their part in line with the global best practices, he canvassed for strong political will to tackle corruption and greed for economic activities to grow.

Professor Adekoya briefly emphasized some of the UMA programmes and plans that are underway to harmonize areas of interest that could improve the workings of the several Islamic entities on campus including the UNILAG Muslim Students Society, and UNILAG Muslim Community (UMC).

On Scholarship, he disclosed that “the UMA annual scholarship programme has been expanded with the 20 more postgraduate students awarded for the current academic session”.

His words “As at today, we now boast of having 63 Ph.D. and 115 Masters Scholars. I am glad to announce that in recognition of our efforts, a group of brothers have instituted 2 more Ph.D. scholarship through UMA in honour of Ustadh Zikirullah Kunle Hassan, the immediate past Chairman of National Hajj Commission of Nigeria (NAHCON). The awardees will be unveiled during the UMA Scholars Day coming up after Ramadan”.

The University of Lagos Muslim (UMA) is an Association of the University of Lagos (UNILAG) Muslim Graduates formed over 30 years ago with a vision to be a foremost Alumni organisation creating a positive impact on our ALMA Mater and the society at large. The objectives include providing a networking hub for all Muslim Alumni of UNILAG establishment of a trust for the wards of scholarships (Undergraduates and postgraduates) to indigent students towards the advancement of education, facilitation of an entrepreneurial development platform for graduating students and graduates of the university, and being role models of the overall goals of UNILAG as a centre of excellence in all its ramifications.

Report: Bayo Salau

Photographs: Bayo Salau

Source: UNILAG