Dr Vincent Nwani doesn’t need a long introduction to Corporate Nigerians, especially those in the commerce and manufacturing space. He was the Director of Director of Research, Business Policy Advocacy, and Entrepreneurship Training franchise’s over a period of eight years.

He has a Doctor of Philosophy (Ph.D) in Economics from Monarch Business School, Switzerland with specialization in economic development and public sector, M.Sc and B.Sc Degrees in Economics from the Universities of Ibadan and University of Port Harcourt respectively.

Excepts from a chat with him where he bared his mind and professional thoughts on some economic issues and policies in Nigeria.

Tell us about yourself

My name is Vincent Nwani, from Issele-Mkpitime, a notable agrarian community in Aniocha North LGA, Delta state. Born and raised in a peaceful humble background, I learnt and imbibed the essence of hard work, decency and humility early in life.

My lovely mother during her life time had always hoped that I become a Medical Doctor one day but the lack of science teachers in the local secondary school during my early school days largely derailed her wish. This is partly why I was determined to make it up to her by pursuing degrees in Economics up to doctorate level, achieving Doctor of Philosophy (Ph.D) in Economics degree from Monarch Business School, Switzerland with specialization in economic development and public sector, M.Sc and B.Sc Degrees in Economics from the Universities of Ibadan and University of Port Harcourt respectively.

I am grateful to God for enabling me to build profound track record and drive decent impact in the areas of economic, research, business and investment strategy, policy and regulatory advocacy, thought-leadership and trade facilitation over the last two decades.
You worked as a Director in LCCI, can you tell us about your stint there.

I am grateful for the opportunity to serve at the Lagos Chamber of Commerce and Industry (LCCI) as Director where I supervised Research, Business Policy Advocacy, and Entrepreneurship Training franchises over a period of eight years. During my time at LCCI, I leveraged on innovation and creativity working collaboratively with other executives/team members to redefine the status-quo and take the institution to an enviable level. Through our evidence-based advocacy campaign, LCCI emerged as the leading voice of the Nigerian private sector and have remained so since then. During my time at LCCI, credible and impactful players in the economy looked up to the clamor of Annual Commerce and Industry Awards which I am proud to invent and lead as the Project Manager for five years.

Can you give an objective performance rating of Nigerian economy?

You will agree with me that the Nigerian economy has faced unprecedented waves of shocks over the last few years ranging from record volatility / devaluation of its currency, spate of insecurity across the country, and cost of living crises with implication on heightened scale of multidimensional poverty and growing discontent of the citizens. At the same time, economic growth rate has been less than desired at an average of about 3% over the last nine years.

The current administration since May 2023 when it assumed office has responded by rolling out series of economic reforms (i.e, removal of subsidy on fuel and electricity supply) and stabilization policies targeted at addressing the lingering challenges and repositioning the country for sustainable economic growth development. Hopefully, these efforts are expected to yield positive outcomes over the near/medium term.

As an economist do you think in your opinion that we have right policies direction?

I subscribe largely to the policy direction of this administration especially those reforms that are underlined on market fundamentals and transparency which is underpinned. However, great policies can easily be derailed by poor roll out dynamics / implementation shortcomings and this is my considered reservation at this time.

What policies do you think the government is not getting right?

The consistent efforts of the Central bank of Nigeria since November 2023 to stabilize the exchange rate notwithstanding, you will agree with me that calm and certainty is yet to be achieved in the forex market. According to investors and about 75 multinationals that scaled down, divested or exited the country over the past 5 years, perverse insecurity and forex crisis are the two top factors they referenced in their exit memo.

What do you think the government should do to redirect the policies to revamp the economy to better the common man?

The absence of well structured, broad-based and synergized economic blueprint with clearly stated and set out goals, plans, policies and strategies to drive the economy remains. Thus, there is urgent and compelling need for a detailed, well-designed policy direction, centrally coordinated with effective tracking, monitoring, and feedback framework.

What do you advise the government to do to restore foreign investors confidence and inspire foreign direct investment?

To inspire steady and improved flow of Foreign Direct Investment (FDI) into the country, I believe that government must embark on a credible infrastructural provisions and reforms of other specific sectors is the starting point. We must draw lessons from the success of Nigerian Telecoms sector reforms and replicate the learning points at this time. The reforms must be capable of attracting private investors from home and abroad, committed to improved fiscal discipline and transparency at all levels of government, eliminate vested interest syndrome, improve ease of doing business, and boost investors’ confidence and trust.

In your own opinion what should the government do to improve on the ease of doing business in Nigeria?

Improving the ease of doing business is critical for economic prosperity and it entails a holistic new approach to governance (i.e, moving from master disposition of governance to service/servant disposition) and this paradigm shift is definitely in a distant horizon. Therefore, the quick wins will be addressing the elephants in the room which are security issues, macroeconomic challenges (forex and cost of living crises), transport infrastructure /logistic challenges, electricity/energy challenges, and regulatory infractions. Public regulatory agencies in Nigeria continue to be riddled with red tape and bureaucracy, resulting in a complex web of unclear and frequently-changing regulations.

Beyond infrastructure shortcomings, regulatory challenges and its attendant cost is a major factor stifling the growth of businesses across several sectors in the Nigerian economy. I believe that industrial activities in the country will grow significantly given a more service oriented and accommodative regulatory and monitoring environment.

What do you suggest to the government as incentives to the manufacturing space?

Players in the Nigerian private sector including manufacturers are yearning for improved ease of doing business in the country and I have shed light on the compelling aspects for improved ease of doing business above.

What is your counsel to the Nigerian youths that see you as their role model?

Just like myself, majority of Nigerian youths hailed from humble backgrounds with limited or no support hence, starting right from the scratch remains the only option. I have learnt that on the path of growth, life will intermittently throw unpleasant challenges on ones way but on each one, I find strength and courage that I never knew existed.

Thus, resilience and determination is a key attribute for Nigerian youths who wishes to legitimately climb their way right to the top. Continue to invest in yourself through formal learning and self-development. Locate your niche at the tangent where your passion and skills intersect each other, and nurture meaningful connections all the way as you progress. Above all, stay humble, remain grounded and empathetic, regardless of achievements.

What are your high and low moments in life?

Losing my mother was a big destabilizer for me. Not achieving her dream of my becoming a medical doctor was a second one, The recent death of my younger brother was another dark moment of my life.

My high moment was when I got my Doctorate degree, I felt that sense of partial fulfillment of the dream of a woman that wanted the best for her children, though not medical but a doctor prefix, that made her good wherever she is. Then the day I got married to my amiable wife and friend.