Nigeria set for explosive growth, says Utomi

The prospects for the Nigerian economy is positive, Prof Pat Utomi has said.

Utomi, who is Founder, Centre for Values in Leadership (CVL), and Director, Pan African University, warned that the country needs to do more to ensure government spending for the people in the area of job creation, skills, supply chains, investment and the quality of life.

Speaking at a workshop in Lagos, Utomi said to achieve faster sustainable economic growth, with opportunities for all Nigerians to flourish, the government’s economic strategy should give clear priority to the approaches and policy levers which drive growth most effectively.

According to him, Nigeria could become one of the biggest economies with wealthiest population if the government takes steps to empower the people, adding that Nigeria has all the necessary resources to become an economic force.

However, in spite of its intrinsic natural resources, he said the economy still has to overcome significant barriers to realise its potential.

Utomi said Nigeria faced several pressing issues such as high unemployment and weak economic growth.

But looking forward ,he said the nation is capable of holding its own and in fact moving ahead of some of the other developed economies with the revitalisation of the capital market.

Utomi urged the government prioritise agriculture for commercial purposes as it has led to the growth of the Brazilian economy. He said agriculture has great commercial potential.

Faculty member,Lagos Business School, Dr Doyin Salami said the economy need to be competitive and for tasks to be solved successfully.He said the economy need to develop faster.

In spite of the progress made in terms of Gross Domestic Product(GDP),he said concerns remain about competitiveness.

Salami said the economy is hampered by low skills levels and poor transportation and other infrastructure.

He said for the economy to remain competitive in domestic and international markets.

Salami noted the existence of a skills gap,adding that this is affecting the ability of Nigerians to capitalise on high value opportunities in the economy.

Efforts,he noted , have to be made to develop and match the skills needed within the economy.

According to him, the weaker outlook for output growth means that the margin of economic slack is likely to be greater and more persistent.

Business indicators ,he noted point to a continuation of that weakness in in the manufacturing sector.

 

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