I don’t envy incoming administration - Economist rues state of economy

An economist Professor Akpan Ekpo has lamented the state of the Nigerian economy but wants the incoming administration to hit the ground running and fix the issues.

He said all micro-economic indices are in the wrong direction as of now which means there is much to be done by the next government.

“First, let me say I don’t envy the incoming government because it is going to inherit an economy that is virtually in disarray,” he said on Thursday while fielding questions on Channels Television’s Sunrise Daily.

“There are several challenges. So, the new government has to deal with the challenges. So, it would inherit an economy that at least in the last five years has not performed very well.”

The public policy expert said the nation’s economy is battling several challenges including rising youth unemployment, underemployment, infrastructure deficit, poor power supply, and poverty among others.

“So, I don’t envy the incoming administration,” he maintained. “But it has to run the economy and it has to first assemble a very good team that is committed to changing the structure of the economy.”

‘Hit the Ground Running’

He urged the next government which is expected to take over on May 29, 2023, to be honest with Nigerians about the state of the economy which he said is operating below its potential.

“I think whoever comes on should tell Nigerians that the hardship would not stop in a short time and would take a long time for it to begin to show some positive results if the incoming administration is on the right path,” Professor Akpan added.

Specifically, he wants the next administration to address youth unemployment and should “hit the ground running” in that direction as well as other areas.

“So, that regime has to hit the ground running and I hope they are ready for that,” he said, noting that “poverty has increased” in the country.

While further rating the outgoing government in the management of the economy, he scored President Muhammadu Buhari’s administration low.

“Well, in terms of the economy, definitely the government has not performed well,” the University of Uyo lecturer said. “The facts show that they have not performed well. All the micro indices are moving in the wrong direction. So, that economy cannot perform well.”