Nigeria’s Economy Suffering from Govt’s Mistrust of Professionals — Prof. Eleazu
Prof. Innocent Eleazu, NAE President
From Ogbonnaya Ndukwe, Aba
The outgoing President of the Nigerian Association of Economists (NAE), Prof. Innocent Eleazu, has said that the Nigerian government’s persistent refusal to heed advice from indigenous experts,particularly those in international development finance and economic management has significantly worsened the country’s economic challenges.
Dr. Eleazu, a United States–based consultant, stated that Nigeria’s economic difficulties deepened when the administration of Muhammadu Buhari declined to adopt recommendations from the NAE on how to steer the economy out of recession in 2021.
He further noted that the government failed to pursue large-scale agricultural and industrial development aimed at boosting domestic production and curbing inflation.
Instead, it opted to devalue the naira and introduce new currency notes.
According to the development economics professor, these policies—along with the continued devaluation of the naira under the current administration of Bola Ahmed Tinubu—have worsened recessionary pressures and deepened poverty across the country.
He emphasized that currency devaluation, when not accompanied by serious industrialization efforts, often triggers a cycle of socioeconomic instability.
Reflecting on his four decades of leadership in the NAE, Eleazu stated that the association made significant contributions to national economic discourse and policy guidance.
He cited, in particular, a warning issued to the federal government in 2021 about an impending famine, as well as advice in 2025 urging increased budgetary allocation to agriculture and the adoption of technology-driven farming nationwide.
According to him, both recommendations were ignored.
“On what the Nigerian Association of Economists achieved during my 40 years of leadership, let me mention just a few examples. In 2021, following an NAE National Conference at the Imo Concorde Hotel in Owerri, we warned the Federal Government of an impending famine.
Also, in 2025, the association advised the government to allocate substantial resources to the agricultural sector and to adopt technology-based agriculture nationwide” he said.
He expressed regret that, had the government acted on the association’s recommendations, the current level of hyperinflation in Nigeria might have been avoided.
Drawing comparisons with global best practices, Prof. Eleazu recalled how John F. Kennedy challenged American scientists to achieve the historic moon landing, demonstrating the impact of leadership that leverages local expertise.
“Nigerian authorities should learn from countries where leaders rely on indigenous experts to drive economic growth and improve citizens’ well-being.
In academia, we understand that without challenge, there can be no meaningful results. This is why students are required to produce theses or dissertations before being awarded degrees.” he added.
He urged the government to prioritize industrial development as a means of rapidly increasing production, strengthening the economy, and reducing the need for future currency devaluation.
“This approach represents a long-term strategy focused on domestic economic growth and self-sufficiency,” he added.
