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Professor Of Economics Warns FG Against Devaluation Of Naira

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A university don, Prof. DavId Osikhena Umoru, has called on the Federal Government to put an end to the devaluation of Naira in the country.

Prof.Umoru made the call while delivering the 4th Inagural Lecture of Edo State University, Uzairue on Wednesday.

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The lecture series was titled “Devaluation of Naira, Shocks, and Realities: Evidence Disciplining Strength

Umoru, a professor of Applied Monetary and Financial Economics in the department of Art, Management and Social Sciences, Edo university Uzairue, said there has to be production for export before contemplating devaluing the Naira.

He said Nigerian government must put an end to Naira devaluation which, according to him, is anchored on the fact that the Naira exchange rate management is not a topic of probability.

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READ ALSO: Convocation: Obaseki Offers Edo Varsity Best Graduands Automatic Employment

According to him, the IMF and the World Bank ought to be cognisant of the fact that the economics that underlie the empiricism of Naira exchange rates in relation to foreign currencies, interprets the fact that economic growth and development of Nigeria is being shortchanged so shamefully that the Naira is valueless as the only medium of exchange in our possession.

“There has to be production for export before contemplating devaluing Naira, hence, the Nigerian government must disagree with the conditionalities of the IMF authorities and insists on non devaluation of the Naira.

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“The central monetary authority must not forget that the exchange rate is basically a price and in view of the collapse of oil price at the global market; auxiliary devaluation of the Naira would only lower the purchasing power of the final consumers and afterwards exacerbate economic life of Nigerians,” Umoru said.

He noted that the Nigerian economy is fiscally overriding not withstanding money being an integral part of all macroeconomic variables.

He added that inconsistent macroeconomic policies are detriment to the real effective Naira-Dollar exchange rate and to employment generation.

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He urged the Central Bank of Nigeria to ensure that fiscal and monetary policies do cooperate rather than entering into a conflict with each other in the short run.

“Nigerian political forces, illicit forex traders and collaborators with foreign interest would not totally give way to market forces when it comes to Naira/Dollar exchange rate determination as they continually hype the market by manipulating the parallel rate.

“I have regard for the totality of the prevailing macroeconomic and financial outlooks of the Nigerian economy. And this has made me to foresee a Nigerian state of affairs where the Naira would be exchanged at N2000 for one US Dollar.

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“Should the apex monetary authority with all his enabling laws fail to defeat the unlawful activities of currency traders who gather effortlessly to cause forex scarcity in the country.

READ ALSO: Edo Varsity, Uzairue Floats Campus Radio Station

“To save the value of the Naira, the Federal Government has to tenaciously work against a build up of the underlying fundamentals of the Nigerian economy. This entails managing unfriendly economic indicators in a downward direction.

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“This indicators include, inflation rate, interest rate, debt stock and unemployment,” he said.

The don, however, called on the government to strengthen non oil production and rejuvenate the power sector in order to arrest the ugly Nigerian economic scenario.

“To save the soul of Nigerian economy through the worth of her Naira, Nigeria as a country must strengthen production of non-oil export commodities ranging from agricultural production to industrial production that covers manufacturing, product assembly, conversion of raw materials into components, as well as construction.

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“This would broaden the horizon of non-oil export and make Nigeria’s export highly competitive for a devaluation policy to improve the country’s current account trade balance.

“In this regard, sectoral diversification policies that favour industrialisation, construction activities, solid minerals and agriculture are recommended, this would in addition diversity the Nigerian economy away from oil export,” he said.

Earlier in his welcome address, the Vice-Chancellor of the university, Prof. Emmanuel Aluyor said that university has consistently set the pace in the delivery of quality education with state-of-the-arts educational tools and providing the needed solution in a country whose educational infrastructure has been bedeviled by a plethora problems.

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He said the university, as an emerging world-class university in Nigeria has continue to bridge the gap and do all within its capacity to curb education tourism in the country.

READ ALSO: NAF To Partner Edo Varsity As Institution Celebrates 4th Founder’s Day

The VC reiterated that over the years, the university has attained a pride of place in the comity of Universities in Nigeria and world over.

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While congratulating Prof Umoru, the VC described Prof Umoru as a highly experienced economist and scientific researcher whose focus is to find solutions to socio-economic challenges through effective contributions to knowledge, execution of demand-driven, globally competitive researches with relevance to the economic development of nations.

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HOMEF Decries Alarming Rate Of Malnutrition, Food Insecurity

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Health of Mother Earth Foundation (HOMEF), has decried the alarming rate of malnutrition and food insecurity in nations of the world, lamenting that Nigeria tops the list.

According to HOMEF, rather than directly addressing the challenges of malnutrition and food insecurity, the government of Nigeria is focused on the deployment of genetically modified organisms (GMOs) as a solution to food insecurity.

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INFO DAILY reports that HOMEF’s research of 2023 reveals that Abuja tops the list of GM food with 16 products followed by Lagos with 12 products while 11 products were captured in Port Harcourt on the chart.

Benin City and Warri followed on the chart with 9 and 8 products respectively while Yenagoa, Uyo and Enugu had 4, 3 and 1 products in their respective markets during the research.

READ ALSO: HOMEF Organizes Reading Series, Wants Nigerians Pick Ideas From Books To Better The Environment

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Speaking at the organization’s Sustain- Ability Academy on Food Justice and Restoration which was held at the Faculty of Agriculture, University of Benin, Dr. Nnimmo Bassey, the Executive Director, HOMEF, Tasked Nigerians to challenge “current narratives in favour of industrial agriculture.”

Speaking on the theme: Food Justice and Restoration, Bassey, said the
current narratives of hunger in Nigeria and Africa require urgent in-depth interrogation, just as he attributed hunger in Nigeria to the persistent violence in the northeastern states of Borno, Adamawa, and Yobe (BAY).

Bassey added: “According to the Food and Agriculture Organisation, up 33.1 million Nigerians are projected to be food insecure in 2025.

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“This projection is based on a number of factors namely: economic hardship, coupled with record high inflation (which reached 40.9 per cent for food in June 2024), climate change impacts, particularly foods, which directly impact the rising costs of both food and essential non-food commodities and services.

READ ALSO: Food Crisis: HOMEF, GMOs-Free Nigeria Train Abuja Farmers, CSOs, Others On Agroecology

He continued: “Persistent violence in the northeastern states of Borno, Adamawa, and Yobe (BAY) hinders food availability and access. Additionally, armed banditry and kidnapping in the Northwest and farmer-harder conflict in the North-Central states, including Zamfara, Kastina, Sokoto, Kaduna, Benue, Plateau and Niger, exacerbate the prevailing economic struggles,” he stressed.

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The Executive Director, therefore, charged the Nigerian government to “protect the rights of people to safe food and a healthy environment irrespective of their social or financial status.”

We all contribute by making healthy food choices, supporting agroecological initiatives, and advocating for policy reforms,” he added.

Earlier, the Dean, Faculty of Agriculture, UNIBEN, Prof. Chris Omokaro, said a Professor of Agricultural Economic it pleases him that the programme focuses on GMO, and urged Nigerians to interrogate if GMOs follow the natural principle of breeding.

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18-year-old UNILORIN Student Becomes Chartered a Accountant

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18 year-old student of the University of Ilorin (UNILORIN), Department of Accounting, Miss Faith Aduragbemi Olabisi, has qualified as a chartered accountant.

According to the bulletin of the university, the feat was described as a rare display of the superlative service delivery obtainable at the University of Ilorin.

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The statement said that Miss Olabisi is one of the several candidates who were successful in the November 2024 professional examinations of the Institute of Chartered Accountants of Nigeria (ICAN).

Speaking on the development, Miss Olabisi said that it had always been her dream to become a chartered accountant as soon as possible.

READ ALSO: UNILORIN Expels Student For Demanding Ransom From Parents Of Missing Colleague

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Miss Olabisi appreciated the support of her lecturers and mother who provided her with the necessary motivation needed to attain the feat at her age.

Also speaking on this rare feat, the acting head of the Department of Accounting, Dr Segun Abogun, said that he was very impressed with what he called “Miss Olabisi’s Outstanding Achievement.”

He explained that Miss Olabisi is one of the several students of the department that passed the ICAN professional examinations last year.

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Dr Abogun encouraged Miss Olabisi and her colleagues to continue to serve as role models to others for the department to produce more chartered accountants among them, even before their graduation from the institution.

Reacting to the development, the vice chancellor, Professor Wahab Olasupo Egbewole, SAN, expressed delight with the laudable achievement of the Unilorite.

READ ALSO: UNILAG To Graduate 16,409 Students, Two With Perfect 5.0 CGPA

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In a statement issued by the institution’s director of Corporate Affairs, Mr Kunle Akogun, the VC, who said that he was not surprised with the performance of Miss Olabisi, said that the institution had always produced record-breaking professionals among its students, staff, and alumni.

The vice chancellor, who is also the secretary-general of the association of West African Universities (AWAU), explained that it is performances like that of Miss Olabisi and the enduring peace within the university that had made it the nation’s most sought-after.

Professor Egbewole congratulated Miss Olabisi for making herself, family, institution and womanhood proud as he encouraged her to continue to give her best to her studies and to remain a shining role-model not only in learning but also in character.

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The VC also encouraged other students of the institution to emulate Miss Olabisi for them to also succeed in their academic and professional endeavours

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2025 UTME/DE Registration Yet To Begin, Says JAMB

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The Joint Admissions and Matriculation Board (JAMB) has announced that registration for the 2025 Unified Tertiary Matriculation Examination (UTME) and Direct Entry (DE) has not yet begun.

In a statement posted on its official X account on Wednesday, JAMB assured candidates that the registration process details would be announced soon.

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The post reads: “Attention prospective 2025 UTME/DE candidates! Kindly note that registration has not commenced. However, details on the exercise would be announced soon.

READ ALSO: NASS Queries JAMB Over N1.85bn Spendings On Meals, Insecticide, Others

“You can get your NIN ahead and a phone number that has not been previously used to register on our platform to generate your profile code prior the time.”

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In another development, JAMB revealed that The Lekki Headmaster by Kabir Alabi Garba will be the recommended text for the 2025 UTME Use of English examination.

“Attention prospective 2025 UTME candidates! This is to inform you that The Lekki Headmaster by Kabir Alabi Garba has been approved as the reading text for the Use of English,” JAMB said.

“Details on the UTME/DE registration shall be released shortly. Kindly be on the lookout for updates.”

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