It was a day of intellectual engagement as Professor Ahmad Muhammad Tsauni of the Department of Economics, Faculty of Economics and Management Sciences, Bayero University, Kano delivered a compelling Professorial Inaugural Lecture titled “Economic Progress on a Tightrope.”
The lecture, which marked the 51st in the series, was held on Thursday, 19th December 2024, at the Convocation Arena and attracted a large and diverse audience. It served as a call to critically examine Nigeria’s economic trajectory and chart a more sustainable and inclusive path to growth.
Professor Tsauni, a distinguished economist and scholar, attributed Nigeria’s underdevelopment to an overreliance on Western-inspired economic reforms, specifically the “Washington Consensus” model. He argued that Nigeria, like many low-income economies, depends heavily on developed nations for development models, technological expertise, and innovative ideas to drive growth. Consequently, Nigeria adopted the Washington Consensus, a set of free-market economic principles, as the foundation for economic reforms.
Explaining the framework, Professor Tsauni outlined its key pillars, including fiscal discipline, public expenditure reform, tax restructuring, financial liberalization, competitive exchange rates, and trade liberalization. Other components include eliminating barriers to foreign investment, privatizing state-owned enterprises, deregulating markets, and securing property rights—all rooted in neoclassical economic theories advocating minimal government intervention.
However, Professor Tsauni contended that these principles have proven unsuitable for Nigeria’s socio-economic and political realities. He highlighted how several Asian economies, such as China, India, Malaysia, and Singapore, deviated from the Washington Consensus and implemented customized reforms that fueled their rapid economic growth.
He lamented that despite Nigeria’s adherence to the Consensus framework through numerous reforms over the decades, the country continues to experience sluggish growth. He argued that Nigeria must abandon this outdated model, as other successful nations have done, and develop economic strategies tailored to its unique challenges and opportunities.
The scholar further identified factors impeding Nigeria’s economic progress, including rent-seeking behavior, weak political systems, knowledge gaps, macroeconomic instability, infrastructure deficits, corruption, policy inconsistencies, and a lack of adherence to the rule of law. According to him, these issues create an unfavorable business environment, stifle innovation, and perpetuate poverty.
Despite painting a sobering picture, Professor Tsauni expressed optimism about Nigeria’s potential to reverse its fortunes.
He proposed a shift in approach by adopting an economic model aligned with Nigeria’s peculiarities.
This, he noted, would require bold reforms such as enhancing capital formation and infrastructure development, promoting exports of manufactured goods and broadening access to quality education
Other bold necessary reforms included fostering entrepreneurship in semi-urban and rural areas, strengthening the informal sector to boost employment, addressing the energy crisis and ensuring policy stability and consistency
Professor Tsauni emphasized the importance of developing a homegrown economic framework that reflects Nigeria’s cultural, social, and economic context. He stressed the need to invest in human capital, promote innovation, and uphold transparency and accountability.
“No economic model can succeed without addressing indiscipline, corruption, vested interests, economic sabotage, leakages, and a lack of patriotism,” he asserted, regretting that such negative tendencies characterize many in leadership positions.
Earlier, the Vice-Chancellor, Professor Sagir Adamu Abbas, who chaired the occasion, underscored the significance of inaugural lectures as platforms for addressing societal challenges. He urged other professors yet to deliver their lectures to expedite the process, assuring them of the university’s financial support.
In his remarks, the Chairman of the Professorial Lecture Committee, Professor Ibrahim Isa, explained the delay in hosting inaugural lectures over the past three years. He revealed that over 300 professors are yet to deliver their inaugural lectures, emphasizing the need to clear the backlog.
Professor Tsauni’s lecture stood out for its analytical depth and practical recommendations, offering a roadmap for Nigeria to break free from economic stagnation and build a prosperous future.
