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How Nigeria can address naira devaluation, economic crisis – Former Reps member - NIGERIAN TRIBUNE
A former member of the House of Representatives, Honourable Lanre Agoro, has called for collective action between the Nigerian government and its citizens to address the economic crisis and currency devaluation plaguing the country.
Honourable Agoro made this call during the 8th L.L. Ali Annual/4th Memorial Lecture organized by the Nigerian Institution of Surveyors (NIS) on Tuesday at the NIS Plaza in Ibadan, Oyo State, where he served as the guest lecturer.
The lecture, titled “Empowering the Nigerian Economy: Grassroots Solutions to Counter Naira Devaluation,” focused on addressing the current economic challenges facing Nigeria.
Speaking to the press at the event, Agoro proposed two homegrown solutions to combat naira devaluation.
He emphasized the importance of controlling trade deficits, monetary policy, and inflation, stating, “If we address these issues, we can stabilize our currency.”
He also highlighted the need to change the mindset of Nigerians who have developed a preference for foreign goods and services.
“Many people prefer to send their children abroad and import foreign goods, which requires foreign currencies and leads to the devaluation of the naira. It’s a two-way street.
Both the government and the people must come together to grow our economy and appreciate the value of the naira.”
Discussing the role of surveyors in empowering the economy, Agoro, a lawyer and economist, advised practitioners to educate people against outrightly selling their land.
He suggested that leasing property, rather than selling it outright, could help preserve wealth for future generations and prevent economic instability.
He cited the example of France, where properties like the La Fayette estate are leased rather than sold, thereby securing future wealth for their children.
In his address, the president of NIS, Dr. Matthew Ibitoye, emphasized the need to return surveyors with PhD degrees to the university system due to a shortage of lecturers in surveying departments.
He noted that while the number of surveyors in Nigeria has increased from about 1,000 to 5,000 in the last decade, the lack of academic staff is hampering education in the field.
Dr. Ibitoye expressed concern that some universities offering surveying courses have only three to four lecturers in their departments.
He urged PhD holders in surveying to return to academia to help produce more qualified surveyors for the country.
He also called on the government to collaborate with NIS to conduct new mappings to address insecurity issues.
The chairman of the Oyo State branch of NIS, Alhaji Waheed Lamidi, spoke on the institution’s efforts to combat quackery in the profession by educating the public about the dangers of backdated surveys.
He warned that fake surveys could lead to legal disputes over property ownership and result in owners losing compensation if the government decides to use the land for public facilities.
Alhaji Lamidi added that the choice of topics and lecturers for the annual lecture is based on current and relevant issues.
The event, organized by the Oyo State branch of NIS, was attended by surveyors from across the country, including Alhaji D.G. Adebowale, Mr. S.O. Dojutelegan, Mr. Mustapha Stephen, Mr. Amire Mayowa, Mrs. K.O. Taiwo, and Mrs. B.A. Bengiri, who served as members of the lecture committee.
