The Vice-Chancellor, Niger Delta University, Prof. Samuel Edoumiekumo, on Tuesday, lauded the determination of President Muhammadu Buhari to maintain closure of the borders to ensure sustainability of domestic industries.
Mr Edoumiekumo, while speaking at the Nigerian Institute of Management, NIM, 2019 Management Day Lecture in Lagos with the theme: ‘59 years of the Nigerian economy: Matters Arising’, urged the president not to succumb to pressure to open the borders.
The vice chancellor, who was the guest lecturer at the event, said that Buhari should remain firm in his resolve to ensure economic growth and the country’s development.
“A policy like this is what we should be firm about, if we are to enjoy the economic development we are craving for.
“The border closure will generate more revenue for the nation and tackle smuggling, as it ensures that goods come into the nation through the right channel and under the right circumstances.
“Nigerians will only feel the pain for a while after which stability will set in and we will be better for it,” he said.
Mr Edoumiekumo also called for clear cut governance structures, long term development and succession planning, proper implementation of economic policies and the strengthening of institutions so as to enjoy national growth and development.
He advised government to show preference for education, research, innovation and development over political expenditure during budget deliberations and processes.
“At independence, Nigeria was regarded as one of the strongest countries amongst the comity of nations. However, the performance indicators from 1960 to 2018 are worrisome.
“To me, the economy is not making progress, because there is no clear-cut national philosophy; so there is no sense of direction. Nigeria should have a clear-cut national philosophy for the citizens to follow.
“For the economy to grow, there must be consistency and continuity of sound economic policies.
“This issue of abandoning sound policies and programmes that would have impacted on the economy positively leads to waste of scarce resources.
“Nigeria needs to fund and improve its educational institutions by reviewing their curricula to include skill acquisition and teaching of entrepreneurship from primary to university levels,” he said.
The vice chancellor proposed a reduction in the interest rate by banks to encourage investors create more businesses to tackle unemployment and shore up the economic indices.
“From the foregoing, credit control systems and policies must be put in place to ensure that monies are used to grow businesses and not for frivolities,” he said.
The outgoing President of the institute, Prof. Olukunle Iyanda, advocated for the adoption of the principle of delegation in management to enable the nation derive optimal benefits from its enormous resource endowment.
Mr Iyanda explained that the principle allowed a manager, while away from an organisation for a while, to transfer responsibility and the enabling authority to discharge those responsibilities to a subordinate.
“We will be derelict in our mission if we turn a blind eye to the strange management concept or doctrine being propagated in Nigeria that a manager can perform his role effectively, even when absent from an organisation for a period of time.
“It is our strong belief that this concept negates the management principle of delegation and can only be justified by those who perceive management position as an exercise of power and authority rather than that of responsibility for effectiveness and corporate wellbeing,” he said.
Mr Iyanda added that efforts were ongoing to make the United Nations recognise and declare Nov. 19 as “World Management Science Day” to honour Prof. Peter Drucker, the globally-recognised father of modern management.
“We also urge the Federal Government to support this laudable initiative by recognising and declaring Nov. 19 as Management Day in Nigeria,” the NIM president said.
NAN reports that the high point of the event was the conferment of the fellowship of the institute on 11 persons.