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BY ABU-SATAR HAMED
ILARO-YEWA, OGUN STATE, NIGERIA – Dr. Mikail Akinde, the Rector of Federal Polytechnic Ilaro-Yewa, Ogun State, has called upon the federal government to prioritize polytechnic education as a means to address the devaluation of the naira and economic challenges in the country.
Speaking on tueTues, March 5, 2024 at the FPI TV Studio during a briefing with journalists regarding the 21st Convocation ceremony of the institution, scheduled for Wednesday, March 6, 2024, Akinde highlighted the significant role polytechnics can play in addressing the nation’s economic woes.
Akinde emphasized the detrimental effects of “stagflation” in the country, leading to high unemployment rates and increased cost of living, hindering the nation’s progress.
He emphasized the innovative contributions of the Federal Polytechnic, Ilaro, citing examples from the Mechanical Engineering and Electrical & Electronics Departments, such as the manufacturing of various machines like sand sieving machine, plantain cutting machine, electric tricycle, electric fire alarm, among others.
Akinde underscored the potential of polytechnics to serve as manufacturing hubs through partnerships with industries, thereby enhancing local production and reducing unemployment rates.
He criticized Nigeria’s heavy reliance on imports, particularly from China, which has adversely impacted the value of the naira.
While commending President Tinubu for his efforts in revitalizing various sectors of the economy, Akinde urged for initiatives to support technically skilled individuals, drawing parallels with China’s successful strategies.
He stressed the importance of practical education offered by polytechnics, contrasting it with theoretical approaches in universities.
He articulated, “We need to reassess and redirect our focus within the educational sector. Theories remain hollow without practical application. In polytechnic education, we bridge this gap by integrating theoretical knowledge with hands-on experience, distinguishing us as Polytechnics.
“What we’re witnessing is what economists term ‘stagflation’—a confluence of escalating unemployment and inflation. This isn’t solely about price hikes; it’s about the simultaneous rise in prices and unemployment rates. To address this, we must prioritize tackling unemployment.
“President Bola Ahmed Tinubu’s bold initiatives are commendable in confronting the nation’s challenges, particularly in sectors that have crumbled.
“Consider the transformation of Oba Akran area in Lagos—it once thrived as an industrial epicenter. Today, it’s dominated by churches and event centers.
“Reflect on the departure of companies like Michelin and Dunlop. How many tires do we export daily, and where do we source them from?
“Hence, the crux lies in revitalizing the economy. I commend President Tinubu’s stance that borrowing isn’t inherently wrong; it’s how the borrowed funds are utilized that matters.
“During Britain’s economic struggles, they strategically invested in crucial sectors such as infrastructure—rails, roads, and industries—to prevent closures and stimulate employment. Emulating such strategies could mitigate our unemployment crisis.”
Akinde however emphasized the urgent need for economic revitalization, urging massive investments in key sectors such as infrastructure and industry to tackle unemployment effectively.
