Daud Olatunji
The Rector of Federal Polytechnic, Ilaro, Ogun State, Dr. Mukaila Akinde has said the economic challenges facing Nigeria is the combination of a high rate of unemployment and high inflation that is called “stag inflation”.
Dr. Akinde,a distinguished Financial Expert had his Ph.D. in Finance, said Nigeria is not facing inflation problem contrary to what many experts were saying .
The Rector further explained that ‘stag-inflation’ is the simultaneous surge in unemployment and inflation rates.
Akinde said this at a press conference held to herald the 21st convocation ceremony where no fewer than 10,477 students would be graduating in the combined sets convocation .
Speaking on ‘stagflation’ facing Nigeria, Dr. Akinde underscored the interconnectedness of these issues, asserting that addressing unemployment is the key to mitigating the broader economic crisis.
Commending President Bola Ahmed Tinubu’s commitment to national problem-solving, the Rector acknowledged the dire state of the country’s real sectors.
He lamented the transformation of Oba Akran in Lagos from an industrial hub to a landscape dominated by churches and reliance on centers.
Illustrating the economic repercussions, Dr. Akinde referenced the departure of major tire manufacturers like Michelin and Dunlop, questioning the nation’s tire production capacity and its impact on exports.
He emphasized that revitalizing the economy starts with addressing fundamental issues, with the President taking a pivotal role in the process.
Reflecting on President Tinubu’s stance on borrowing, the Rector expressed optimism, emphasizing the importance of responsible loan utilization.
Drawing inspiration from historical examples, he cited Britain’s successful resolution of unemployment issues through massive investments in infrastructure and the real sector.
Dr. Akinde called for a strategic and comprehensive approach to economic revival.
He urged the President to prioritize massive investments in critical sectors such as rails, roads, and industry, fostering an environment where industries can thrive and employ the nation’s youth, ultimately mitigating the challenge of unemployment.
“What we have now is called “stagflation,” the combination of a high rate of unemployment and high inflation is what we call “stagflation” because if we only have inflation, it means a high rise in prices. If that is the case, fine, but that is not the case; prices are rising, and the unemployment rate is also rising, and that is the major problem.
“If you want to solve that, you need to first address the problem of unemployment. President Bola Hamed Tinubu appears to be courageous to solve the country’s problem, a nation in which all the real sectors have collapsed.
“Many of you know how Oba Akran in Lagos used to be in the past; it used to be an industrial hub. If you walk through Oba Akran today, it is now churches and reliance centers.
“Michelin and Dunlop tires, when they leave this country, how many tires do we export in a day, and for which vehicles? Where do we get those tires from?
“So, when we look at it, the starting point is that the President must find a way to fix the economy. I’m very happy that he said one day that there is no crime in borrowing a loan; the only crime when you borrow a loan is how to use it.
“When Britain was having this kind of problem, the problem of unemployment, what they did is massive investment in the economy, the real sector of the economy in terms of rails, roads, and industry so that those industries may not necessarily be leaving. If they stay, they will employ our youths, and you will see the problem of unemployment going down.
Speaking on Education sector, the Rector emphasized the pressing need to reevaluate and redirect the country’s educational sector.
He said “We need to rethink and refocus our educational sectors, theories are meaningless when not put into practice, in Polytechnic education, we put all theories of universities into practice that is why we are Polytechnics.”
While highlighting the Polytechnic’s unique approach, Dr. Akinode stressed the importance of translating theoretical knowledge into practical skills.
He argued that the Polytechnic system plays a crucial role in bridging the gap between theory and real-world application, distinguishing it from traditional university education.
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