Re-post from Politics forum.
Some time ago when the issue of the =N=5,000 note was still on the burner, I did a write-up on it on my MobileBlog ( www.economicate.pun.bz ); though, I did not actually state on which side I lean- for or against the introduction- , I brought up a case of ineptitude on the part of our academicians on important national issues.

Several times when they ( the academicians) ought to come to our rescue as per publicly debating on the technicalities of policies of government, thereby providing assistance to the citizenry to clearly understand these policies,they engaged the services of silence and waiting for failure of such. Throughout the campaign against or for the introduction of the new note, I did not see a single Prof. come out to either argue for or against that policy. Yet they want us to respect them when we do not even know where they stand on issues. Also on the issue of Bakasi, of all constitutional law Profs in the nation, only Prof. Akin Oyebode of UniLag came out to clearly made known his argument. It is sad.


Nigeria Academicians and their dispositiion to national issues

Now that it is certain that CBN will be introducing a new note of higher denomination ( =N=5,000) , Nigerians , the learned and the unlettered, have started the usual ratiocinations which is always expected when policy of this nature surfaces. Whether the introduction is good economically or not, or whether it will help in any positive way, I think Nigerians deserve to know, and also the long term implication need to also be expounded. While I believe the CBN would come out to tell us the reason(s) why they had to introduce the new note, the other reason(s) either against the policy or for the policy will come from people who have the privilege to air their opinions or those who think their educational status could atleast make their views count. I could remember when the issue of going for the EuroBond came up sometime last year, the finance minister, 'Dame' Ngozi Okonjo-Iweala, asserted that the nation needed to secure the debt even if we do not have a reason to; those who suppose to enlighten us never did. Again when the issue of Oil subsidy removal came up in January, the minister again told us that it's imperative that we remove it if we're to heal our seedy economy; what did they do, mute. Just of recent the minister again in her usual manner told us we need to secure another loan; this time she and team headed for China.I do not have 'wahala' with whatever strategy she deemed reasonable to ensure that the economy is stabilized, even if she likes she can advise us to go on our knees to beg the British to come back and re-colonise us; believe me I might not utter a word. Where I think I have 'wahala' (and seriously irritated) as a Nigerian, that did pass through a higher institution in the country, is a situation where those that ought to either support or criticize (or atleast say something) all these policies pretend or behave as if all they could do is to stay in the 4 walls of the lecture hall and dish out their obsolete knowledge they claim to have acquired (or except if only what they could indeed offer is a lecture note plagiarized from a foreign author). I am not always happy when government and it agencies try to foist policies on us, mostly economic policies, and all we (Nigerians) could do is to argue from perspective of an ordinary welfarist, when all we need is experts advice or voices to either corroborate the government position or constructively criticise it, which I believe our professors could do. If we are to count the number of universities offering economics and allied courses one might want to say Nigeria is repleted with policy makers but alas it will be fallacious to make such conclusion. We have professors who never will endeavour to atleast lend their voice to issues vis-a-vis their area of work. The huge disconnect between our academicians ( and researchers) and the agencies of government (and private firms) involve in policy making is so obvious. While we wait to be floored with articles, write-ups, columns, and editorials in the coming days, let us pray that those who should talk and write do so. They shouldn't just only theorized the knowledge they acquired. We need their opinions and views on issues just like how the likes of Paul Krugman, Mark Thoma, Greg Mankiw, and the others do whenever President Obama's economic team come up with economic policies; Americans sample the opinions of these people first before reacting. On the new note... I am yet to read the reason(s) why the CBN decided to introduce this new note, but in my candid opinion I do think Sanusi Lamido and his team are progressing in error. I shall endeavour to give my reasons subsequently on saturday after I must have read the reasons for their actions.

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