An expert has cautioned the Federal Government against fully embracing an extreme market economy model, arguing that Nigeria’s unique socio-economic conditions demand a more balanced approach to economic management.
Speaking during a televised programme monitored in Lagos, Dr. Muda Yusuf, an economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprise, emphasised the importance of incorporating the nation’s peculiarities into its economic policies.
Dr. Yusuf warned that blindly adopting market-driven policies without modifications tailored to Nigeria’s realities could lead to unintended consequences. “There is no perfect model of economic management. We must integrate our own peculiarities into the process, so we don’t adopt any system hook, line, and sinker,” he said.
The economist stressed the need for policies that balance the benefits of market forces with measures to protect vulnerable citizens. “In every economy, market interventions are essential to ensure that citizens are not unfairly penalized by the adverse effects of economic models. It’s not just about running a free market; it is about ensuring equitable outcomes,” he added.
This perspective comes amid debates sparked by President Bola Tinubu’s economic reforms, which focus on market-driven solutions.
In a recent media chat, the President defended his administration’s reliance on market forces, asserting that such an approach would stabilise inflation and eventually deliver relief to millions of Nigerians.
Critics, however, argue that the free market model has led to increased hardships for many citizens, with soaring prices of essential goods and services. Dr. Yusuf highlighted the risks of neglecting social welfare in pursuit of purely market-based policies, cautioning that unchecked market dynamics could exacerbate economic inequalities and regional disparities.
Nigeria’s economic landscape is characterised by significant challenges, including inflation, unemployment, and poverty.
Dr. Yusuf urged policymakers to design strategies that address these issues while promoting inclusive development.
“We need an economic strategy that strikes a balance between market efficiency and social protection, considering our diverse cultural and regional differences,” he advised.
The economist’s call for a pragmatic approach to economic management while resonates with growing public concerns about the impact of current reforms.
As Nigeria navigates its economic challenges, experts and citizens alike hope for policies that prioritise sustainable growth and social equity.
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