By Dayo Benson

A Professor of Harvard Business School , Prof. Robert Z. Lawrence has advised Nigerian government to take advantage of global economy trend by moving the nation away from mono economy to achieve a sustainable growth . He stated this at this year’s annual lecture organised by a law firm Punuka, titled “ The challenges of balancing the need for protection of developing economies and the provision of  enabling environment for foreign investment”.

The event which was ended by former Head of state, Gen. Yakubu Gowon, also featured Dr. Sonny Kuku, as chairman of the occasion. Some of the lawyers at the lecture included Mohammed Belgore, SAN, Sylva Ogwemoh, SAN, Olatunde Busari, SAN, Prof. Fabian Ajogwu, SAN, Funke Aboyade, SAN, Mrs Elizabeth Idigbe and General counsel of Nigerian stock exchange Mrs  Tinuade Awe.

In his presentation, the guest lecturer, Prof. Lawrence who spoke on growth and international trade stated that growth has slowed down in advanced economies like Europe and Japan. He explained that, “ a lot is being driven by what is happening in China which is moving in to service business. Because of growing wages, manufacturing businesses are no longer competitive. Nigeria has to take advantage of this by moving away from mono economy. “

He explained that sustainable growth in economy is when technology is used to achieve development.

He said that a “country’s growth is measured by what you do when things are good, that is, whether you save or spend the money made when things are good. If the trade regime in Nigeria today is promotion structural change, is the exchange rate in the country competitive”he asked.

He added that “there is room for improvement in Nigeria in terms of world trade forum”, stating that infrastructures in the country had to be improved. He therefore urged President Mohammadu Buhari to identify largest supply chain operatives and ask why they are not coming to Nigeria. He advised that “it is better to have the largest supply chains operate in Nigeria than borrow money from them”. He urged the federal government to institutionalise an competitive exchange rate policy, which he said was very critical. While calling on government to subsidise its products, he pointed out that “what Nigeria needs is a tighter exchange rate policy than anything else”.

Principal partner Punuka Mr Anthony Idigbe SAN, said the topic is of “great debate and controversy because of the challenges of growing the economy” , adding that “it is aimed at bringing experts together to pro:er ideas for change”.

Dr Kuku in his opening remarks said Nigeria economy needed a lot of investments, “ the question is how to balance the inflow of foreign investment with Nigeria economy”.