FG should deepen financial sector, says Adofu as he delivers inaugural lecture
|By: Musa Ishaq
Professor Ilemona Adofu, an expert in monetary economics, has presented his professorial inaugural lecture with a call on Nigerian monetary policy makers to look inwards to address the current economic challenges facing the country.
Adofu’s lecture, titled: “Navigating Nigeria’s Economic Horizon: Can we harness monetary policy reform to achieve financial deepening for sustainable growth?” was held at the Adamu Adamu twin lecture hall in the Permanent Site Campus of FULafia.
Adofu said: “Monetary policy is a deliberate economic policy that is designed basically to regulate the volume and value of money with a view to achieving broad macroeconomic goals and objectives which include full employment, price stability, reduction in the level of poverty, balance of payment viability and economic growth and development among others.”
The professor of monetary economics stated that monetary policy is the specific action taken by the central bank of a nation to regulate the value, supply and cost of money in the economy with a view to achieving government’s macro-economic objectives.
Professor Adofu stressed the need for the government to deepen the financial sector, saying that it is theoretically crucial for sustainable economic growth as it facilitates efficient capital allocation, foster entrepreneurship and innovation, supports investment in productive sectors and enhances financial stability.
Adofu added that if the country is going to make headway in the economic management in general and inflation areas, in particular, “it is essential to first accept the fact that “our persistent increase in prices is a supply driven problem rather than a demand driven one and the “frontal solution we are implementing is counterproductive.”
Earlier, in his address, the Chairman of the occasion and Vice-Chancellor of Federal University of Lafia (FULafia), Professor Shehu Abdul Rahman, described Adofu “as an outstanding scholar in the department of economics and one of the finest researchers and scholar of repute” whose numerous academic works and presentations attested to his contributions to knowledge in his field.
Welcoming participants to the occasion, Prof. Josephine Odey, the Chairperson, Inaugural Lecture Committee of the University, urged participants to listen attentively as the topic was rightly captured at a time Nigeria was experiencing fluctuations in in the financial sector.
The event was well attended by the members by heads of government agencies, security agencies in Nasarawa State, bank managers, among several others.
The event also witnessed the presence of the Resident Pastor of the Living Faith Church, Lafia, Nasarawa State, Pst. Kola Raph Omorinoye, and many other dignitaries.