Dr. Evans Eshiet, the Dean of the School of Communication Arts at Akwa Ibom State Polytechnic, has called on the Nigerian federal government to renegotiate its monetary policies with the World Bank and International Monetary Fund (IMF) to rescue the nation’s struggling economy. Speaking at the recently concluded International Conference of the Academic Staff Union of Polytechnics (ASUP), Eshiet stressed the urgent need for Nigeria to escape its mounting debt and address the current economic crisis.
In his presentation titled “Adapting The Dynamics Of Global Economy To Mitigate Nigeria’s Economic Challenges: The Communication Perspective,” Eshiet urged President Bola Tinubu to use effective communication strategies in addressing the detrimental impact of foreign financial policies on Nigeria’s economy, especially in terms of external loans.
Eshiet emphasized the importance of modifying global economic policies to suit Nigeria’s unique challenges. He highlighted that Nigeria’s current economic approach—removing fuel subsidies, floating the naira, widening the tax net, and increasing electricity tariffs—has worsened the living conditions for many Nigerians, particularly as the nation faces skyrocketing unemployment and poverty levels.
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According to Eshiet, these policy changes, if implemented simultaneously, have exacerbated economic hardships and could push Nigeria further into crisis. He noted that adaptation and renegotiation with financial institutions like the IMF and World Bank are necessary to mitigate the nation’s suffering.
He specifically pointed out that the complete removal of the fuel subsidy should be reconsidered, urging that this step should be tied to the restoration of optimum electricity power supply and the revival of Nigeria’s refineries. Eshiet believes this combination will drive Nigeria towards economic recovery and reduce the likelihood of an energy crisis.
Eshiet also urged the federal government to adopt development communication strategies to engage with stakeholders and the public, emphasizing the importance of dialogue and targeted campaigns to ensure economic recovery plans are well-received and effective.
“Through integrated trado-modern communication techniques, Nigeria can better navigate its path to economic stability and recovery,” Eshiet concluded.
