By Princewill Ekwujuru

ELDER statesman, Chief Phillip Asiodu, said that the failure of the federal government to implement the economic roadmap put in place between 1975 and 1978 to rebuild Nigeria was responsible for the country’s under-development.

…Asiodu

Speaking in Lagos at the inaugural meeting of the newly established Philip Asiodu Economic Initiative (PAEI), he said after the civil war, between 1970 and 1975, the economy was growing at 11.5 percent, a development he said would have taken the nation out of poverty if continued.

His words: “In the 1975 economic plan, there was plan to look at Agricultural processing, functional educational system, Agro-chemicals and many issues. But before we could get started, we derailed and abandoned the plan. Our current problem can be traced to the inability to keep to such plan that would have helped us built an industrial vibrant and agricultural independent society. We started assembling of cars before Korean but we fail to communicate our plan for future into action.  At a time, our power generation was more than that of Taiwan, where are we today?”

On the objective of the initiative, Asiodu, who is the Chairman Board of Trustees, said the need to create a platform and ways to communicate with the nation’s decision makers informed the establishment of PAEI.  The former federal Permanent Secretary further stated that part of its objective would be to promote and encourage good economic initiatives through lecture series, seminars and workshops.

While suggesting ways to fast-track Nigeria’s development, he urged the incoming Governor of Central Bank of Nigeria (CBN), to look at the efficiency of regulatory system in order to encourage investors and long term savings.   He also called on government to create an enabling environment for business owners to be globally competitive.

Earlier, Director General of the initiative, John C. Nwabueze, enumerated the objectives of the body to include: Sponsorship of entrepreneurship training and economic fellowship programmes in institutions within Nigeria and abroad and; Giving of scholarships and grants to indigent and deserving students. He said PAEI will periodically sponsor, lobby, propose and present bills to National Assembly and contribute to Nigeria economic policy.

Other members of the initiative are: Dr. Shamsudeen Usman, Ambassador Joe Keshi, Dr. Gabriel Soyoye and Prof. Femi Kayode, while Dr. Hassan Adamu, (Wakili Adamawa) is the Chairman, Advisory Board.