News
Some critics of the economy have no idea what they’re talking about —Osinbajo
Vice-President Yemi Osinbajo on Friday decried the “baseless assertions” on the nation’s economy by some public commentators and critics of the current administration.
In his keynote address at the 61st annual conference of the Nigerian Economic Society (NES), the vice president urged the academics to be more involved in conversations that would deepen public knowledge and understanding of the economy.
He said: “I find it every often that some public commentators make assertions that have no basis in economic theory or practice, and because they dominate the public space, they contribute to public misunderstanding of economic principles and their application to public policy.
“Some of you should take up the gauntlet and help to shape an informed and reasoned national discourse on the economy.”
On the African Continental Free Trade Area (AfCFTA) agreement, Osinbajo charged African countries to ensure that trade negotiations with the rest of the world are based on the free trade agreement rather than deals separately endorsed by regional economic blocs.
The vice president added: “One important objective of the AfCFTA is to overcome the economic fragmentation of the continent by bringing the regional economic blocs together in a common arrangement.
READ ALSO: COVID-19: Osinbajo decries economic hardship in Nigeria
“This being the case, African countries should look to negotiating trade treaties with other parts of the world on the basis of AfCFTA rather than through arbitrarily designed regional blocs.
“African countries should not allow themselves to be lured into arrangements which do not serve their long-term development objectives.
“We must, of course, continue to bear in mind, especially here in Nigeria that the AfCFTA is not a magic wand that automatically brings about growth and prosperity.
“The reality is that if care is not taken, trade liberalisation can expose the Nigerian economy to unfair competition and sharp trade practices, with adverse consequences for our producers who might have to close down their businesses, and for our workers who would then lose their jobs.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...