Emeka Ejere | “The empanelling of an Economic Advisory Council is a step in the right direction but we must remind ourselves that these brilliant and eminent economists are no magicians.”
Those were the words of a foremost Nigerian intellectual, Prof Anya O. Anya, at the second annual lecture of The Niche Newspapers on Tuesday, in Lagos.
According to Anya, there cannot be a prosperous nation unless Nigeria returns to the basics of federalism as the foundation of her national enterprise.
Anya, who noted that the country’s political challenge is how to operationalize chapter II of its constitution- ‘the fundamental objectives and directive principles of state policy’, regretted that it appears that current political actors do not see and do not hear.
He identified excessive population growth over gross national product (GDP) growth and high depth profile of over 25 trillion naira at the moment as the two fundamental obstacles facing Nigeria with regards to economy.
The guest lecturer lamented that Nigeria has borrowed in 3 years more than it did in 30 years previously, with the loans being applied mainly to recurrent expenditure.
Anya said, “With regard to the economy we are faced with two fundamental obstacles: while our economy is growing at the miserly rate of 2%, our population is growing currently at 3.8% nearly double the economic rate of growth.
“So there is a fundamental dissonance between our demography and our economy.
“Additionally, the Debt Management office tells us that our debt as of 2015 was a little over 12 trillion naira but is now over 25 trillion naira as of 2019.
“In other words, we have borrowed in 3 years more than we borrowed in 30 years previously!.”
In his remarks, chairman of the occasion and former Nigeria High Commissioner to the United Kingdom, Dr. Christopher Kolade, called for more opportunities for young Nigerians to partake in the political and economic running of the country.
President General, Ndigbo Lagos, Maj. Gen. Obi Umahi (rtd), called for meritocracy in the selection of leaders in the country, pointing out that the culture of nepotism can only retard the progress of the nation.
Former military governor of Imo State, Navy Capt. Alison Madueke (rtd), noted that until the economic arrangement of Nigeria is changed, there is no reason why unemployment and insecurity will not be on the rise.
Themed ‘Business and Accountable Governance in Nigeria: The Obligation of Leadership’, the annual lecture is part of The Niche Newspapers corporate social responsibility to the Nigerian society.
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