By: Adeola Oladele, Ibadan
A former Consular-General, US Consulate, Brian Browne, has stated that the Nigerian economy remained colonized because the country continues to allow the International Monetary Fund (IMF), European Union (EU) and other global financial institutions to determine her economic policies.
Browne made the submission as a guest speaker at an “Atayese” programme organized to commemorate the 90th birthday anniversary of first female Nigerian Professor, Adetowun Ogunsheye, held at Development Policy Centre, Ibadan, on Thursday.
While speaking, he noted that the Nigerian economy continued to slavishly key in into the global economy agenda such that global financial institutions placed conditions on government’s spending, ensured that the nation spent more buying foreign commodities and the country remained locked in debt.
Calling for strategic thinking by all Nigerians, he described as the greatest scam, a situation where government had the sovereign right to print money yet continues to borrow money to attend to her affairs.
He stated that African countries should determine their market, shun pegging their intake on foreign consumption patterns and stop pegging expenditure on dollar exchange rate.
Browne who spoke on “Development versus Debt Peonage: What will save us from Mainstream Economics,” urged the country to engage in deficit spending to enhance surplus in the private sector.
Among other recommendations, Browne called for focus on industrialization of the nation’s economy, noting that the nation would not experience great economic growth by exporting only its natural resources.
Chairman of the event, Ambassador T. A. O. Otunla bemoaned the contact of African countries with the Western world as misfortune and incidental.
He also lamented that the world was being driven by Easternisation cum European credit.
The celebrator, Prof. Adetowun Ogunsheye, in her remarks, wondered why the IMF determined the value of our naira and why Western standards was upgraded by Nigerians as a standard for living.
She also decried financial slavery owing to a huge emphasis on money, such that Nigerians were not thinking aright.
Chairman, Atayese, Mr. Tokunbo Ajasin, said the receding state of the nation’s economy required innovating thinking
Ajasin also prayed that the Yoruba nation forges a united force in advocating for good governance in the country.
A public commentator, Mr. Henry Boyo, said the naira could become N1000/dollar if the nation continued to run the current financial system.