Abuja: The Independent Media and Policy Initiative (IMPI) has called for more prudent management of Nigeria's abundant natural and financial resources to ensure sustainable economic growth and reduce poverty. The IMPI Chairman, Dr. Omoniyi Akinsiju, highlighted this need in a policy statement on Friday.

According to News Agency of Nigeria, Akinsiju emphasized that lessons from the past decades demonstrate the importance of effective resource management and sound economic policies in reversing Nigeria's high poverty rate and fostering inclusive development. He underscored the necessity for a coordinated policy framework that links revenue growth with investment in productive and labor-intensive sectors.

Akinsiju pointed out that Nigeria's previous experiences illustrate the risks of policy missteps that weakened domestic production and heightened poverty levels. He noted that the exchange rate appreciated significantly, diminishing the profitability of domestically produced goods, and transforming the country into a net importer of food despite its history as a major exporter of cocoa, palm oil, and rubber. He also mentioned that migration from rural to urban areas reduced agricultural productivity, further deepening poverty.

Furthermore, Akinsiju remarked that during oil boom periods, government spending expanded but often went into unprofitable ventures that generated limited employment opportunities and had minimal impact on welfare. He stressed that even during economic growth phases, poverty remained high due to the absence of adequate social safety nets to protect vulnerable citizens from economic shocks.

Akinsiju urged current and future governments to ensure that revenues from natural resources are invested in sectors that promote job creation, value addition, and sustainable livelihoods. He asserted that Nigeria's long-term prosperity relies on consistent fiscal discipline, inclusive policies, and stronger protection for vulnerable groups.

He reaffirmed IMPI's commitment to supporting research-based policy advocacy that promotes accountability and strengthens Nigeria's development planning.