The 4th annual colloquium in honour of Dr. Prince Oyebade Oyedepo, FCA to mark his 61st birthday was held on the 18th of May, 2025 virtually. The topic of this year’s edition is, inflation–growth nexus: investigating the complex interplay between inflation, economic growth, and development in emerging economies delivered by Professor Olayinka Adenikinju, FCA, a Professor of Economics at Bowen University, Iwo, Osun State. The Chairman of session is Emeritus Professor Adebisi Balogun former Vice Chancellor of Federal University of Technology, Akure (FUTA).
According to the guest speaker, the inferential analysis considering the impact of inflation on GDP and HDI revealed that inflation has a negative impact on economic growth and development for the BRIC (Brazil, Russia, India and China) countries as well as Nigeria. However, in the case of Nigeria, inflation has a negative effect on economic development but a positive effect on economic growth. Further analysis in the case of Nigeria and the BRICS countries shows that there is a threshold effect.
This means that inflation has a positive effect up to a point on GDP but subsequently turned negative. The threshold that was found for Nigeria for the inflation-growth nexus is 14.998.
Professor Olayinka Adenikinju opined that the adverse effects of rising sustained inflation include but not limited to the following:
erosion effect on purchasing power;
impact on savings and investment;
increased cost of borrowing via higher interest rates; and
uncertainty and reduced investment.
She stated that the relationship between inflation and economic growth is complex and multifaceted, especially in the context of emerging economies. While high inflation is generally bad and is a disadvantage for long-term economic growth, a moderate level of inflation may be compatible with economic growth.
Professor Olayinka Adenikinju recommended the following:
Policymakers in emerging economies should give priority to maintaining price stability by keeping inflation at a moderate level.
Promotion of structural reforms which are essential for improving the efficiency of resource allocation, enhance productivity and promote long term economic growth.
There is a need to strengthen institutions which are essential for creating a stable macroeconomic environment, attract investment and promote sustainable economic growth.
Emerging economies should take steps to manage their vulnerability to external shocks, such as diversifying their economies, building up foreign exchange reserves and implementing sound macroeconomic policies
Dr. Prince Oyebade Oyedepo, FCA asserted the following as some of the ancillary problems facing our Nation (a) Lack of modern technology to drive our processes. (b) Quest for wealth syndrome (c) Greed (d) Laziness of some youths to engage in productive activities (e) Begging for alms by able bodied men and women (f) Noncompliance with rules and regulations or willful disregard for rules and regulations (g) Lack of accurate data for planning and over reliance on foreign data (h) Sectionalism (i) Gullibility (j) Soliciting for gratification taking too far in our land.
All these challenges are different from the principal ones earlier mentioned in previous colloquiums such as infrastructural deficiency, policy misdirection, misplaced priority, educational backwardness, health inadequacy etc.
According to Dr. Prince Oyebade Oyedepo, If the government eliminates the principal challenges without the ancillary ones, we cannot still develop as a Nation. He emphasized that we need to do everything holistically to address the situation once and for all and further appealed to the conscience of every one to do the right thing in our schools, colleges, offices and everywhere we may find ourselves.
Some other eminent dignitaries at the event included, the Mother of the Day and Chairman of Oyo State Anti-Corruption Agency (OYACA) Hon. Justice Eni Esan (Rtd), Past President of ICAN Dr. Razak Jaiyeola, FCA, Presiding Pastor of Livingspring Chapel Pastor Femi Emmanuel, President of Nigerian Economic Society Professor Adeola Adenikinju, President of Nigerian Publishers Association Alhaji Lukman Dauda, FCA, the Hon. Treasurer of ICAN Dr. Oluseyi Olanrewaju, FCA, the Executive Secretary of the Association of Accountancy Bodies in West Africa (ABWA) Dr. Abel Aig. Asein, FCCA, FCA. Rapporteur General Dr. (Mrs) Chioma Obianuju Ojukwu, FCA, the Chairman of the Planning Committee Mr Abiodun Adedeji, FCA, Otunba Tobi Abiola, FCA, Mr Tayo Philips FCA, Anchor of the programme Mrs Tolu Olatoyan FCA, Council Members of ICAN & Other Institutes, Zonal Executives, Chairmen of District Societies, Scholars, MFP Services Board members and members of MFP Group, friends, colleagues, family members and members of the press.
The annual colloquium in honour of Dr. Prince Oyebade Oyedepo was conceptualized to constantly draw the attention of the government and the people to economic, social and socio-cultural issues and to suggest solutions to redress them.
It is aimed at policy redirection and or fine-tuning to address our peculiar challenges.
The communique of the event was signed and released to the press by the Rapporteur General Dr. (Mrs) Chioma Obianuju Ojukwu, FCA, Lecturer, Department of Accounting University of Port Harcourt, Pioneer Chairman ICAN Obio/Akpor & District Society.
