By Obas Esiedesa
Chairman of Access Bank Plc Dr. Ajoritsedere Awosika, said yesterday that ‘cumulative mismanagement’ was responsible for the under-performing nature of the nation’s economy.
Mrs. Awosika, who stated this at 2021 Annual Management Conference of the Nigerian Institute of Management (Chartered) in Abuja, said governments at all levels must shoulder some responsibility for the fragile nature of the economy.
The conference had the theme: ‘’Managing the impact of global recession: The Nigerian Peculiarity.’’
She noted that managers of the economy could no longer continue to use the COVID-19 pandemic as an excuse for the poor performance of the economy, stressing that the country was largely spared from the grave impact of the pandemic.
“In Nigeria, the two most recent recessions occurred in the year 2016 (which we quickly got out of) and 2020. While the 2016 recession was localized, the 2020 was global in nature.
“Over the years due to economic mismanagement by the country’s leadership, it is obvious that the country is currently performing below its potentials because of cumulative mismanagement,’’ Mrs Awosika said.
She added that Federal Government needed the support of the state and local governments to restore the economy and boost productivity across the country.
Earlier in her opening remarks, the President and Chairman of Council, Nigerian Institute of Management (Chartered), Mrs. Patience Anabor, said the collapse in oil prices, coupled with the COVID-19 pandemic plunged the economy into a severe economic recession in 2020, the worst since the 1980s.
She observed: “Beyond the fact that recent COVID-19 pandemic induced recession, it is pertinent to note that the Nigerian economy has experienced recession in the 1970s, 1980s and 1990s.”
‘’The economy has been susceptible to recession in the past because it over relied on Federal Government revenue; over-depended on crude oil being majorly a mono (product) economy and import dependent.
“Although successive Nigerian governments have at different times, promised to diversify the economy, improve manufacturing/mining sectors, raise agricultural output, encourage foreign direct investment among others, there has not been any deliberate and sustained effort to pursue the strategic plan for growth to conclusive end.