By Adesina Wahab
A LECTURER in the Department of Economics and Development Studies, Covenant University, Ota, Ogun State, Prof.Philip Alege, has called for the review of the curriculum in Macroeconomics Studies so as to move away from static and single equation approach to analyzing and predicting ecomomic trends.
Alege canvassed this while delivering the 22nd Inaugural Lecture of the institution titled “Rethinking the Methodological Approach to Contemporary Macroeconomic Analysis in Nigeria.”
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Alege said the review should cover undergraduate and postgraduate programmes and called for the involvement of the National Universities Commission, NUC, the Nigerian Economic Society and Departments of Economics in all Nigerian universities in the review exercise.
He opined that the review became necessary because of the need for a more robust and dynamic view of the future based on the realities of the existence of uncertainties in today’s world.
The university teacher also called for capacity building in the area of macroeconomic modelling.
“My exposure around the country and even with citizens of other African countries indicate a gap in capacity building in this area. This body will serve as policy making factory to our institutions including the Central Bank of Nigeria, government agencies, the banking industry and other research centres,” he stated.
Alege also called for the popularisation of the teaching of Mathematics in secondary schools in the country, adding that sound knowledge of Mathematics, Statistics and Economics was imperative in today’s financial world.
Alege also called for more evidence-based research centres that would address the developmental challenges facing the country.
He warned against looking for a future not prepared for, saying that in response to societal problems, the country needs a framework that would lead to appropriate policy advice.
In the speech, the Vice Chancellor, Covenant Univeristy, Prof. Adeyemi Atayero, said getting the appropriate and current approaches to analysing macroeconomic matters in the country could not be over-emphasised.
He said g economic challenges such as poor economic growth, high inflation among others, getting means to solve them had become a priority.
“The growth in the economy is no match for the high population growth we are experiencing. Unemployment was 23 percent in 2018 with 20 percent underemployment. Multiple exchange rates and high inflation are not helping matters. Also rising public debts is making our economy vulnerable to external forces,” he said.
Atayero said Covenant University, as an institution desirous to positively impact the society, would always be in the forefront of promoting academic and research activities that would provide solutions to societal challenges.