Solution to building a new Nigeria lies with lawyers – Soludo

Former Central Bank Governor, Prof Charles Soludo, has said that building a new Nigeria may lie with the legal profession.

The professor of economics spoke yesterday during a breakout session on ‘Roadmap For Economic Growth’ at the ongoing 57th annual conference.

According to him, the country would not get out of the economic quagmire without an efficient legal, regulatory and judicial system.

“Bad decisions and bad policies got us where we are today. What we find around today as recession and inflation are all direct consequences of our bad choices in policies and decisions and we will continue to battle with these choices until we reform our ways and ideologies,” Soludo said,

According to him, the recession was inevitable given the nature of policies put in place as a country.

“By 2050, we will be the largest nation on the continent. If we plan properly and get it right, we will lead the continent to the next level of development,” he said.

“Going forward, we need to begin to plan for a population of 400 Million people by 2050.

“What is the grand plan to build another four/five Lagos?” the former CBN governor asked rhetorically, while stressing the need for an urgent strategic plan.

“The world is in a different place now. We are in a post-oil world and countries are planning 50 years ahead, while over here, we are still grappling with hunger and basic amenities.

Also speaking at the session, Chairman of the Niger Delta Development Commission (NDDC), Senator Victor Ndoma Egba (SAN) observed that Nigeria’s economic challenges have never been about ‘planning’.

“We have had several plans in the past, ranging from a Structural Adjustment Plan (i.e. Programme), to a transformational plan – all of which have amounted to little or nothing.

“This Economic Recovery and Growth Plan may end the same way if we do not begin to interrogate our choices and ideas now,” he said.

Chief Executive Officer of the Nigerian Economic Summit Group (NESG), ‘Laoye Jaiyeola who was also a panelist at the session, noted that while the Economic Recovery Growth plan was a step in the right direction, it was in no way the ultimate solution to all of Nigeria’s economic challenges.

He said: “We must work towards embracing market-driven reforms. The NBA needs to put a lot more pressure to see that bills for business efficiency are timeously passed.”

The discourse at this session chaired by Dr. Olisa Agbakoba (SAN) focused on the ’Roadmap for Economic Recovery’, as members of the legal profession alongside key players in the economy considered how the NBA could contribute to the Economic Recovery Growth Plan.

THEODORA KIO-LAWSON