As Nigeria celebrated 50 years of independence, many economists believe  the economic development of the country is not commensurate with the huge resources allocated to the three tiers of government during the last five decades.

Jonathan

While some experts are displeased with the level of poverty in the country, others said that the nation’s resources are not properly utilised to foster economic prosperity, adding that those in position of authority lack managerial skills  needed to transform the economy despite the level of income flow in the economy.

However, some experts say government has impacted positively on some sectors of the economy notwithstanding the challenges facing government in the areas of power, infrastructure and healthcare delivery.

Speaking on the slow pace of economic development over the 50-year period, the executive secretary, Major Oil Marketers Association of Nigeria (MOMAN), Mr. Femi Olawore, lamented that the whopping sum spent by government on petroleum products subsidy to maintain a regulated price regime constituted a major impediment to economic growth and development. He advised that the  over N2trillion spent in the last four years as subsidy should have been channelled into other sectors of the economy to enhance holistic growth.

He said, “I think that government has not done well in many areas government to diversify the economy from mono-cultural state to other sectors in order to optimise growth in the economy, especially agriculture, which has a very large capacity of generating revenue and creating employment in the country. The amount spent on subsidy could be invested in major projects like road construction and rehabilitation, building a functional rail system to ensure an efficient transport system in the country, health and ultimately developing the industrial sector of the our economy, which is very crucial to development”.

The registrar, Nigerian Institute of Animal Science (NIAS), Abuja , Dr. Godwin Oyedele Oyediji, revealed that the agricultural sector has the capacity to absorb over 500,000 work force annually, if power improves and necessary infrastructure are provided to create an enabling environment.

He stressed that government should channel the huge sum spent on subsidy into the agricultural sector to enhance greater productivity for the economy now and in the long-run..

His words: “Efficient transportation system in the country is required for the sector to function optimally. Agriculture needs functional transportation network to achieve the desired result, because farm produce must be conveyed from where they are harvested to the end users.  At aggregate, 70million Nigerians are involved in agriculture directly and indirectly.

For instance, the employment capacity in the sector is often classified under skilled, semi-skilled and unskilled labour. It means with the population of over 140million people, agriculture alone can comfortably take 50 per cent of the entire workforce of Nigeria , noting fully well that 50 per cent of Nigeria ’s population are youths from 15 years and above. Energy is required to drive the sector and the youths are energetic enough to engage in various economic activities in the sector.”

Also speaking, the chief executive officer, Maritime Media Limited, Mr. Asu Beks, who said his organisation has concluded plans for the induction of 50 living legends of Nigeria’s maritime industry into the Maritime Hall of Fame, commended the efforts of President Goodluck Janathan in the area of electricity generation, saying the president has recorded tremendous achievement in the power sector in a very short period he took over. “Right now, Jonathan is the minister of power and you would agree that power generation has improved tremendously, compared to what we had in the past”, he said.

Also, the assistant secretary general, Airline Operators of Nigeria (AON), Muhammed Tukur, said government should improve on the aviation sector to keep the pace with the developed nations.

“At present, local airlines doing business in Nigeria are facing a lot of challenges, ranging from low passenger traffic to heavy debt burden. So, paying the money periodically up to 2020  would allow such airline operators sufficient time to put their resources together to continue their operations unhindered”, he explained

The executive secretary, Manufacturers Association of Nigeria (MAN), Ikeja branch, Mr. Segun Ajayi- Kadir, hailed government for the N150billion lifeline for the manufacturing sector, saying it would stimulate growth thereby increasing productivity in the industrial sector of Nigeria ’s economy. He advised government to embark on massive infrastructure development to face-track rapid economic growth.

A former official of  Association of Senior Staff of Banks Insurance and Financial Institutions (ASSBIFI), Otio Nathaniel, commended the Central Bank of Nigeria (CBN) for the new policy framework formulated to transform the banking industry. He said some of the challenges facing government are policy implementation and continuity.
He advised government  to come up with proactive measures on economic growth and sustainable development.
Filename: Sunbiz stories-September 30, 2010