Don seeks review of macroeconomics curriculum

By Damola Kola-Dare

A lecturer at the Covenant University, Ota, Ogun State, Prof. Philip Alege, has called for the review of the curriculum in Macroeconomics Studies so as to move away from static and more often single equation approach to analyzing and predicting economic trends.

Alege, a Professor of Economics, canvassed this while delivering the 22nd Inaugural Lecture of the institution entitled “Rethinking the Methodological Approach to Contemporary Macroeconomic Analysis in Nigeria.”

Alege said the review should cover undergraduate and postgraduate programmes and called for the involvement of the National Universities Commission (NUC), the Nigerian Economics Society and Departments of Economics in all Nigerian universities.

He said the review became necessary because of the need for a more robust and dynamic view of the future based on the uncertainties in today’s world.

The university teacher also called for capacity building in the area of macroeconomic modelling.

Alege also called for improvement in the teaching of Mathematics in secondary schools in the country, adding that sound knowledge of Mathematics, Statistics and Economics was imperative.

He called for more evidence-based research centres that would address the developmental challenges facing the country.

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He warned against looking for a future not prepared for, saying that in response to societal problems, the country needs a framework that would lead to appropriate policy advice.

In his speech, the Vice Chancellor, Covenant University, Prof. Adeyemi Atayero, said getting the appropriate and current approaches to analysing macroeconomic matters in the country could not be over-emphasised.

He said with poor economic growth, high inflation among others, solving the country’s macroeconomic problems had become a priority.

“The growth in the economy is no match for the high population growth we are experiencing. Unemployment was 23 percent in 2018 with 20 percent underemployment. Multiple exchange rates and high inflation are not helping matters. Also rising public debts is making our economy vulnerable to external forces,” he said.

Atayero said Covenant University, as an institution desirous to positively impact the society, would always be in the forefront of promoting academic and research activities that would provide solutions to societal challenges.