Government at all levels and policy makers have been challenged to formulate necessary policies towards harnessing hidden treasures in the agricultural sector, to foster wealth creation and circulation. The Vice-Chancellor, Prof. Maduebisisi Ofo Iwe and Prof. Remy Mejeha made the call at the 50th Inaugural Lecture of the Michael Okpara University of Agriculture, Umudike (MOUAU) Abia state, held at its auditorium recently.
The inaugural lecturer and Professor of Agricultural Economics, Prof. Remy Onyekachi Mejeha in his lecture titled, “Financial Intermediation in Agriculture: Hidden Treasure Mobilized for Wealth Creation,” noted that the hoarding of cash and the storage of valuable possessions, which he described as idle funds, heavily constitute the hidden treasure needed for wealth creation. He stressed that the ‘hidden treasures’ are ample in the agricultural rural areas waiting to be harnessed and reintegrated into the Nigerian economy.
Prof. Mejeha, who started as a petty trader several years ago before his academic journey, lamented that banks and other financial intermediaries like agricultural insurances have failed in their financial advisory roles, especially in mobilizing the ‘hidden treasures’ for economic growth. He warned that if these hidden treasures were not channeled appropriately and re-invested into viable economic activities, they could either be lost or remain unproductive to the detriment of the country’s economic growth.
MOUAU VC, Prof Iwe
The inaugural lecturer recommended that designated central authorities should be formed to regulate relevant authorities and middlemen that exercise control over prices of agricultural products and interest payments on cash deposits.
In his remarks, the VC, Prof. Maduebibisi Ofo Iwe described the title chosen by Prof. Onyekachi Mejeha as timely, stressing that cash hoarding is a major brick wall to the growth of the economy. He called on relevant authorities to adopt all the recommendations made by Prof. Mejeha to revive the economy.
The occasion attracted the principal officers of the University, Deans of Colleges, academics from other Universities, as well as family, friends and well-wishers of the renowned Professor of Agricultural Economics. Guests were treated to a display from a cultural dance group from Umuawada Onicha, Ezinihitte Mbaise, Imo State, the inaugural lecturer’s home town. Other highlights were the unveiling of his book and gift presentations from the College of Agricultural Economics Rural Sociology and Extension.
