The experts spoke on Thursday at the 7th Annual Conference of the Guild of Corporate Online Publishers (GOCOP) themed: "Nigeria: Roadmap for Socio-Economic Recovery and Sustainability."
A lineup of professionals, government officials, and academics have shared their thoughts on the current socio-political and economic realities facing Nigeria, post-2023 general elections.
The experts spoke Thursday at the 7th Annual Conference of the Guild of Corporate Online Publishers (GOCOP) themed: "Nigeria: Roadmap for Socio-Economic Recovery and Sustainability."
The aim of the programme was to discuss the challenges and proffer solutions to the state of Nigeria's economy, said Maureen Chigbo, the president of GOCOP.
"By the end of the conference, we hope the government will have a lot of information on how to lead the country out of the current economic crisis," Ms Chigbo said in her welcome address.
The conference was chaired by the Registrar and Chief Executive Officer of the Joint Admissions and Matriculation Board (JAMB), Ishaq Oloyede, while Uchenna Uwaleke was the keynote speaker.
Panelists included Secretary-General, Committee of Vice-Chancellors of Nigerian Universities (CVCNU), Yakubu Ochefu; Special Adviser to the President (Policy Coordination) Hadiza Bala-Usman, and Chief Executive Officer, Cowry Assets Management Ltd, Johnson Chukwu.
In his opening remarks, Mr. Oloyede, the JAMB registrar, noted that the choice of the conference's theme is apt and relevant. "It is the right time to set an agenda for the new governments at the national and sub-national levels," Mr Oloyede said.
He said Nigeria is undergoing tremendous pressure under an excruciating socio-economic environment, a phenomenal, he said, has further put pressure on the well-being of Nigerians.
Mr Oloyede said in planning a roadmap for economic recovery and sustainable development, "We need to address some issues that have confronted us as a nation which have contributed to negative and slow growth, overtime."
"Some of these factors have contributed in no small measure to high levels of corruption and low productivity in the public sector. For us as a nation to attain social justice, significant economic recovery, and sustainable economic growth, some fundamental issues must be addressed."
He added that wages and the compensation structure in Nigeria's public service deserve a total review and overhaul. "Unless we are pretenders, we all know that some things do not just add up in the compensation of public servants and most of the public office holders."
"For example, the minimum wage, as a take-home pay, cannot take anyone home at this time in our economic history. Considering the ever-increasing price level and the national currency devaluation, both of which have led to a spiral inflationary level, wages at all levels have become inadequate to meet the provision of basic needs of life for so many
"Even at the highest level for top public servants and political office holders, the compensation structure is such that we all know that it is difficult for top-level public officers and political appointees to rely on their pay to sustain their living conditions and the requirements or dictates of their offices."
"These phenomena encourage corruption and lack of accountability. It gives room for malpractices, financial impropriety, and malfeasance. When officers and executives are not well paid and they are entrusted with huge resources of the state, some may resort to helping themselves.
"There is a lot to do to rejuvenate the economy. One way is to pay commensurate remuneration for commensurate work. With a good, adequate, and competitive compensation structure in the public sector, the system can attract good hands. I believe that paying the right wages in the public sector is one way to improve the productivity of workers," Mr Oloyede noted.
The keynote speaker, Mr Uwaleke, said Nigeria has been bedevilled by several challenges which have hampered socio-economic progress and sustainable development despite sitting on huge resources.
"In particular, the last ten years have been characterised by weak economic growth, elevated inflation, high unemployment, and rising poverty. Poor access to credit, weak infrastructure, multiple taxes, and the general unconducive business environment have led to the exit from Nigeria of many foreign businesses and the shut-down of local firms thereby worsening the unemployment situation in the country.
"As Nigeria matches on in her democratic journey, it is imperative to have a clear roadmap for socio-economic recovery and sustainability to allow for the delivery of democratic dividends."
Indeed, achieving socio-economic recovery and sustainability necessitates a collaborative effort involving the government, private sector, citizens, and civil society, including the media, Mr Uwaleke, the first Nigerian professor of Capital Market, said.
"The media, especially GOCOP, should leverage the expanding internet penetration in Nigeria to continue playing its pivotal role by educating the public on the significance of government programs and policies. It should also actively promote good governance by holding the government accountable and reporting on instances of corruption and other forms of misconduct."
In her submission, Ms Bala-Usman said the Tinubu administration recognised that economic diversification and infrastructure development are critical to the success of the government.
Hence, she said, her office is working "assiduously" to coordinate the president's policies not just between ministries and intergovernmental agencies but also between states and the federal government. "The federal government is already taking giant steps to ensure there is inter-governmental synergy," Ms Bala-Usman said.
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In its bid to invest in human capital, Ms Bala-Usman, the former Managing Director of NPA, said the government is working to increase the capacity of vocational skills centres.
"We have noted that not everybody is going to get white-collar jobs but we need to increase the capacity of people's vocational skills. We need to create an avenue for certifications. Discussions are ongoing with the Ministry of Education in this regard."
In his goodwill message, the minister of Information, Mohammed Idris, urged Nigerians to take part in promoting the positive events in the country.
"We all have a collective responsibility to protect this country in a good light. It's not only banditry and terrorism that's happening in Nigeria," Mr Idris said.
He said GOCOP has a responsibility to ensure credibility among its members to curb the spread of fake news and information.
The ministry also pleaded with Nigerians to start trusting public officeholders and elected officials.
"You can't distrust officials on their first day of assuming office. If we elect our leaders, we have to give them a chance to do something right."
