The University of Ibadan in conjunction with the Central Bank of Nigeria organized it’s first Distinguished Leadership Lecture Series Number 1 with the title “Up Against The Tide: Nigeria’s Heterodox Monetary Policy and The Bretton Woods Consensus” and the lecturer is no other person than the re-appointed governor of apex bank, Mr Godwin Ifeanyi Emefiele, CON, FCIB.
The best description of the kind of attendees on the 24th of May, 2019, at the International Conference Center of the University of Ibadan is that the Central Bank of Nigeria situated at the capital of the country visited the first and the best university to grace the first of its kind leadership lecture series. This is justifiable because a remarkable number of the apex bank executives and employees were present at the event.
The program which was initially scheduled to hold at the Otunba Subomi Conference Room, UI hotels but was later changed had in attendance innumerable distinguished scholars, personalities and luminaries. Some of the protocols observed include the vice chancellor, the registra, the bursar, the librarian, the orator, dean of the faculty of economics, head of department of economics, dean of the faculty of the social sciences, directors of centres, all of the University of Ibadan.
Also in attendance were Professor Sam Olofin, Professor Ibi Ajayi, Professor Ajakaye, heads of department’s, deans of faculties, directors of centres, over 300 participants of the ongoing training in Pedagogical Leadership in Africa (PEDAL) drawn from across the continents, students of the University, as well as people from the community.
The opening remarks was made by Professor Sam Olofin followed by the vice chancellor’s address. Before the lecturer was called upon, his citation was read by the University orator.
Mr Emefiele began his paper presentation by emphasising that today’s lecture is about bridging the gap between theory and practice. He carefully took out his time to bring to the fore of the audience what led to the economic recession that took over the country, the policy remit of the apex bank, the recent experience of the apex bank and it’s effects on the domestic economy. He also enumerated the three recent world economic activities which includes the US-China trade war, the US terror on Russia and Ukraine, and the UK brexit exit brouhaha.
The lecturer did so well in using the textile and agricultural industry as examples of industries that have benefitted from the heterodox policy with ease and also talked about the critics of the apex bank’s policies which include that of the Bretton Woods. Also while going through his paper, he expantiated deeply — but in language that is best referred to as economic jargons — the economic challenges of Nigeria and how he has been putting all things in place to put an end to the menaces using an unconventional (heterodox) monetary policies which however also comes with some side effects.
Unlike the inaugural lecture of the University where questions are not entertained, the chairman of the occasion was magnanimous enough to allow two questions from the audience. The questions asked cut across the power sector, sport sector, security and exchange rate while the lecturer all did justice to the questions.
Before the vote of thanks by the registrar office the university, an award of appreciation was presented to the lecturer by Professor Garba on behalf of the department of Economics.