Professor Niyi Omofa delivering his Inaugural Lecture at the Federal University Lokoja

Professor Niyi Omofa delivering his Inaugural Lecture at the Federal University Lokoja

Richard Elesho

For a better performance of its economy, Nigeria needs a strong institutional mechanism to align its fiscal and monetary policies. A Professor of Monetary Economics, Prof. Gbenga Moses Niyi Omofa, has therefore recommended the establishment of a National Economic Coordinating Council, NECC.

Omofa made the call in his Inaugural Lecture at the Federal University Lokoja (FUL) on Wednesday. In the 28th in the series, Omofa said there was a need for institutional harmonisation among other solutions.

The Lecture titled “Financial Sector Development and Macroeconomic Performance in Nigeria: An Uneasy Marriage Between the Monetarists and the Fiscalists” aimed at bridging the existing gap between monetary and fiscal priorities for a better economy.

The Professor of Monetary Economics hinted that addressing the persistent disjunctions between Nigeria’s monetary and fiscal policy frameworks requires a shift from ideological rigidity to pragmatic synthesis.

He said that at the heart of Nigeria’s policy incoherence is the absence of a sustained platform for strategic coordination between key macroeconomic institutions.

According to him, financial sector development can not meaningfully contribute to macroeconomic performance unless it is grounded in a coherent policy regime that harmonises inflation control with inclusive, productivity-driven growth.

Omofa observed that the Central Bank of Nigeria (CBN), the Ministry of Finance, the Budget Office, and other economic planning agencies often operate in silos, with limited consultation or alignment.

To attain a fruitful union the renowned economist called for an end to policy silos as he underscored the imperative need to recognize and internalize the interconnectedness of various institutions and policy domains.

It is against this backdrop that he called for the establishment of the National Economic Coordinating Council (NECC), which he said would be tasked with developing joint macroeconomic frameworks and forecasts, reviewing trade-offs between inflation control, employment, and growth.

Aligning monetary policies and financial sector development with the needs of productive sectors such as agriculture, manufacturing, and services will ensure that financial resources collectively contribute to sustainable economic growth and job creation.

Speaking earlier in his welcome remarks, Vice Chancellor of the University, Prof. Olayemi Akinwumi, a Professor of History, acknowledged the contributions of Prof. Omofa and thanked him for choosing to share his rich research journey with the institution, describing the topic of the lecture as very timely.

“This tradition is more than ceremonial, it is a platform where our Professors, having attained the pinnacle of their academic careers, share with the University community and the general public the journey of their learning, the impact of their research, and their contributions to the advancement of knowledge in their respective fields.

“As a university, we are committed to ensuring that all our professors fulfil this solemn and scholarly obligation. We believe that every professor must tell their academic story,” he said.