A Professor of International Economics at the University of Ibadan, Professor Adeolu Olusegun Adewuyi, has charged politicians with not finding it convenient to pursue and showcase good economic indicators such as high growth and increased access to good infrastructure only during elections to pursue policies that will strengthen inclusive economic performance throughout their tenure in office such that a good welfare-enriching economic philosophy becomes the political ideology of the ruling government.
Professor Adewuyi delivered this charge in an inaugural lecture on behalf of the Faculty of Economics and Management Sciences.
He said this approach will ensure the sustainability of both good economic indicators and the political party in power, adding that we can then begin to use economic indicators to predict the outcome of elections in Nigeria as in the advanced countries.
Professor Adewuyi advised that policy makers should be encouraged to disengage from politicising welfare economic matters such as the naira redesign and cashless policies introduced close to the general elections, as this may lead to a biased distribution of economic benefits to only political supporters at the expense of the masses who are suffering from the policy somersault.
The inaugural lecturer argued that although poverty can occur or increase due to uncontrollable factors such as natural phenomena, controllable factors such as institutions involved in policy-making are also very important.
To alleviate poverty, Professor Adewuyi advised that welfare-enhancing economic policies should be supported by both economic and political institutions.
He said this can only be achieved through proper organisation of the masses across all spheres of economic and political activities to serve as major groups in the society that influence public policy.
Professor Adewuyi submitted that if people want Nigeria to change as we all desire, they must participate in economic activities and political activities that determine the allocation and distribution of power and resources and, hence, the level of welfare.
The inaugural lecture was entitled “What Rescues People from Poverty—Economics of Politics or Politics of Economics?”
