Alalade Toluwalase, who graduated with a first class in Economics from Bowen University, Iwo, Osun State, having had a 4.54 CGPA, has just shared experience in school in this gooo/entertainment/campus-champion/my-friends-thought-i-wasnt-sharp-with-girls-but-no-regrets-alalade-bowen-first-class-graduate/” target=”_blank” rel=”noopener”>interview with Tunde Ajaja, enjoy!
What was your most memorable moment in school?
When I was in 100 Level, one of the professors that taught us would always call out test scores in class before he gave us our scripts. He made us walk to the front of the class to collect our scripts, and then you must be present to receive your script. I resumed late in 100 level and there was a test on my first day in class, so I scored two out of 10. However, the professor called my name and said I scored zero out of 10. For me, it was a walk of shame as all eyes were on me.
What attracted you to Economics?
I had various dreams as a child. I never wanted to be an economist. At a point, I wanted to be an automobile engineer because I was interested in cars but I figured I was not particularly good at Physics and Chemistry but I was better in Economics, so I stuck to it. My Economics teacher in secondary school actually made me to like the course because he taught us very well and made it look simple, to the extent that I was determined to pursue a career in it, and I’m glad I did.
Did your parents agree with your choice?
My dad wanted me to study Agricultural Economics at the University of Agriculture, Abeokuta, but I wasn’t so much interested in it because I would have had to take chemistry courses. Fortunately, when the West African Senior School Certificate Examination result was out, I had an E in Chemistry, so I could not gain admission into UNAAB, now FUNAB, because I needed at least a credit pass in Chemistry to study the course he wanted. Coupled with the fact that I had a good score in Economics, I went for it. When they saw that I was doing well in it, I got cash gifts from them.
But some people see Economics as a simple course that anyone can pass. Is that right?
I don’t believe that argument. Every course is tough in its own way. I believe it also depends on the passion of individuals for the course. If I were an engineering student, I might not have performed as well as I did and I can say the same thing for an engineering student if he/she were to study economics. So, passion for a course and genuine interest in it matter a lot.
What motivated you to work towards a first class?
I had always wanted to finish with a first class. There is nothing bad in aiming and working towards being the best. When my sister finished with a first class from Bowen University, that was before I gained admission into the university, I looked at her transcript and it motivated me to work towards having a first class as well. It wasn’t easy though because I started with 3.55 GPA. With hard work and sustained determination, my CGPA increased. I finally made first class in 300 Level first semester but the result suffered again in my 400 Level first semester as I dropped to a Second Class Upper Division. I thank God because I had all A’s when it mattered most, and I was able to finish with a first class eventually. We had 10 first class graduates from my class.
Which part of the course did you enjoy most and which was most challenging for you?
I enjoyed learning from the professors. They were well versed and experienced in their various fields. It was interesting learning theories and relating them to the various aspects of our daily lives, and that is the beauty of Economics. However, the most challenging part was probably the econometrics aspect. We had to prove a lot of theories there, but then, it was interesting going through all those.
What were the things you did differently to have such an outstanding result?
I don’t think I did anything differently. I made sure I played my part as a student. I made sure I attended classes and paid a lot attention to lectures. It was easier to understand things that way. I also read my notes and textbooks so I could gain better understanding of topics. So, there was nothing strange or abstract in having a first class. It’s more of hard work and being focused. Suffice to say hard work drove me to study harder in school but I didn’t necessarily have to read long hours to understand the concepts of various topics. When I was in primary school, I was one of those leading my class but I was about an average student when I got to secondary school, although that didn’t stop me from passing my WASSCE and Unified Tertiary Matriculation Examination in one sitting, more so because we were well taught in school.
What was your typical day like as an undergraduate?
Most times, I had lectures at 8:00am, so I used to wake up early. After lectures, I would go back to the hostel to have some rest and then study what I had learnt for the day. After that, I would have the liberty to watch movies, play video games or talk with friends. Regardless, I was sleeping for minimum of eight hours, because I never joked with my sleep, and I used to study for just about an hour because paying attention during lectures made studying a lot easier. I hardly used the library because I preferred reading in my room and if I needed any book, I would borrow from the library and read in my room.
As a graduate of Economics, what do you think is the major problem with the Nigerian economy?
The problems confronting the Nigerian economy are enormous. A lot of people will say corruption is Nigeria’s biggest enemy and I totally agree with that. However, Nigeria simply doesn’t generate enough revenue to meet its developmental needs. Nigeria is too dependent on oil as a source of revenue and its annual budget is about $20bn, contrast this with Texas, a state in the US whose annual budget is $209bn. So how then does a country like Nigeria with huge infrastructural deficits develop with such a meagre budget?
If you meet with the President today, what economic policy (ies) would you suggest to him?
I will suggest that Nigeria moves towards import substitution. This country is import dependent and that puts significant pressure on the naira. We have to start producing some items locally. Food items like rice, tomato, etc, can be produced locally and we should do that as a nation rather than import everything.
If you have the opportunity to rule this country for a day, what are the things you are likely to do?
I will work with others towards making Nigeria business friendly because businesses find it difficult to survive in Nigeria. The problems range from irregular power supply, high interest rate, poor infrastructure, corruption, etc. The problems must be solved by a concerted effort of all stakeholders, so I will make sure everyone plays his/her role. I believe the Nigerian government can earn a lot of revenue from tax, so the more businesses survive, the more the revenue that accrues to the government.
In your view, why has the Naira lost so much value against the dollar?
I believe the problems with the naira emanated from global fall in oil prices. We should have built up enough foreign reserves to help withstand these shocks as this is not the first time oil prices would fall. Again, if the economy had not been so dependent on oil, the naira would not have suffered this much. The fact that Nigeria exports crude oil and then imports refined petroleum products is absurd. The CBN has also contributed its fair share to this fall in its bid to defend the naira. Its recent circular banning about 40 items from accessing Forex will likely increase the demand for Forex at the parallel market, which will result in higher prices for commodities. After the announcement of this ban, the naira has fallen to an all-time low against the dollar at the parallel market.
Where would you like to work?
I don’t think I have preference for a particular company. What matters to me is the role I will find myself playing in an organisation. I have preference for a role that centres around auditing and internal control.
What are your aspirations?
In the short/medium term, I intend to be amongst the best finance professionals in the coming years and I have taken steps towards achieving this as I am currently enrolled in the ACCA programme. In the long term, I have a keen interest in agriculture.
Did you have gestures from female colleagues?
There were times when ladies called me to teach them something they didn’t understand but I didn’t lead them on unnecessarily if the feeling wasn’t mutual. Some of my friends did make jest of me for not being the ‘sharp’ guy, but no regret.
What is your advice to students?
I implore students not to forget the primary purpose of being in school; they should always aim towards achieving good results to avoid having regrets after graduation. There is so much competition out there, so one does not need to settle for less to avoid certain things.