The board and management of the GBS-Alliance for African Economic Development Initiative, a prominent think tank, have expressed strong optimism about the prospects for Nigeria’s economic recovery. Speaking recently, Godwin Bolanle Shonekan, Chairman of the African Economic Development Initiative, assured that Nigeria’s economy can be revived despite widespread concerns.
Last year, the GBS-Alliance urged the Nigerian government to adopt a comprehensive economic blueprint, which Shonekan revealed has been meticulously researched over many years. Contrary to the prevailing pessimism surrounding the economy, Shonekan emphasised that there is a viable solution to the nation’s economic challenges.
During a recent press conference, Shonekan delivered a detailed hour-long PowerPoint presentation outlining the new economic policy blueprint. He announced plans to distribute this presentation to media outlets for broader public access. “I hold the copyright on the rules and regulations that govern the US capital market system,” Shonekan explained, “and we can apply these principles here in Nigeria.”
Shonekan disclosed that his organisation has conducted over 40 years of research on the path to economic recovery for Nigeria and Africa. He expressed confidence in the proposed system, noting that it mirrors the strategy the United States employed during the Great Depression of 1929.
He further revealed that he has been working on this economic model for four decades and holds a copyright from the US Library of Congress, granting him a Congressional licence to implement the programme in Nigeria. Shonekan pointed out that the current Nigerian banking system is not as robust as the US Federal Reserve System, which serves as the Central Bank.
Commending President Bola Tinubu for his efforts in revitalising the economy, Shonekan expressed his willingness to collaborate with members of Tinubu’s National Economic Council to discuss his new economic ideas. “What we are proposing is the introduction of a regulated capital market system,” Shonekan stated, adding that this has been the focus of his work for the past 44 years. He believes this policy could economically liberate Nigeria, akin to the economic freedom experienced in the United States, and argued for a departure from reliance on external borrowing.
Addressing the ongoing depreciation of the naira, Shonekan suggested that the Federal Government could stabilise the currency by adopting the new economic initiative he is championing. He recommended the implementation of the American Treasury Bill system in Nigeria to boost the country’s economic standing. “The Naira has to be replaced with a new currency,” he proposed, “taking us back to the stability we had in 1986.”
Shonekan also highlighted the importance of developing the private sector over continued reliance on oil, noting, “Without a robust capital market system, progress is impossible. Our stock market is too volatile; when you buy stocks in Nigeria, it’s difficult to sell them.”
He criticised the dual foreign exchange markets in Nigeria, where official and black market rates coexist, arguing that this system undermines the economy. “To achieve real progress, we need a structured system,” Shonekan concluded.
Kehinde Olaboye, a director of SIB Insurance Brokers, also spoke at the event, explaining that SIB decided to back the initiative because insurance can provide a safety net for investors and stakeholders concerned about the programme’s success. “Insurance is there to ensure that if there are any fears about the initiative’s outcome, those fears are mitigated,” Olaboye stated.
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He added that the initiative has garnered support beyond Nigeria, with discussions already underway with stakeholders in Liberia, Sierra Leone, and The Gambia. “We are not just limited to Nigeria; we firmly believe in this initiative,” Olaboye affirmed.
