Professor reveals reasons for Nigeria’s economic woes

Good governance and effective leadership are some key factors needed to ensure economic growth in Nigeria.

Guest Speaker. 10th Professorial Inaugural Lecture Series of the Nigerian Defence Academy (NDA), Kaduna, Professor Egwaikhide Christian Umoudu expressed this while delivering the lecture.

He said that economic principles have tenets, which if not religiously adhered to, would not yield the desired results.
“If you adhere to the letter, it yields result. People will criticize SAP but it was a good policy,” he argued.

Professor Umoudu explained that dearth of good governance, policy somersault, lack of initiatives, low capital, foreign trade imbalance, low electricity supply, underdeveloped national resources are to be blamed for Nigeria’s stagnant economy.

“Lack of inconsistency also affects development. Banking industry and the Central Bank of Nigeria (CBN), are the bane of our economy.

“What do we import that the common man consumes?” He queried.
Buttressing further, he said, “We don’t know our actual population, then how can we plan. That is why we have crisis in several areas, that is why no planning.

He said the assumption that Nigeria is a rich country is far from the fact, considering the per capita income.

“Nigeria is not a rich country like erroneously said. Nigeria is though actually endowed, but Nigeria is not rich,” he submitted.
He lamented that the wealth of Nigeria is concentrated in few hands, making majority revel in penury.

He also slammed the weak manufacturing sector in the country, which he said, contributes to the rising army of unemployed youth.

“A good example is Kaduna Textile mills, which has potentials of employing hundreds of thousands,” he pointed out.

The lecture which is the tenth in its series, have seven organized by the present Commandant, Major General Adeniyi Oyebade.