The failure of previous governments to invest in infrastructure led to the poor economic state and general underdevelopment of the country.
The Governor of Ekiti State, Dr. Kayode Fayemi, made this declaration on Thursday at the second annual lecture of an online newspaper, Freedom Online.
The event was held in Ikeja with Fayemi as Guest Lecturer and the theme was: Fixing the economy: Less politics, more substance.
The governor however assured that the tide would soon change going by the seriousness of the President Muhammadu Buhari administration.
Fayemi was represented at the occasion by Akin Oyebode (Jnr).
The lecture reads in part: “The cost of not investing in infrastructure and human capital is usually painful, and in Nigeria’s case, is manifesting in an unemployment rate hovering above 40%. With two-thirds of our population under the age of 35, it is important to set the country on a path of sustainable economic development, if not for our sake, for generations after ours.
“This brings me to reason we are here, how to fix the Nigerian economy. This discussion must start by identifying the necessary conditions for inclusive economic development, which not only ensure macroeconomic growth indices improve, but also lifts people out of poverty and puts our citizens, especially young people in jobs. These conditions are clearly security, human capital development, infrastructure and a clear policy framework that encourages the investment of private capital.
“No economy can develop without a healthy and competent workforce; therefore education and healthcare are critical social investments required to develop our economy.
“This is why we must continue to expand health insurance coverage and invest in healthcare facilities and professionals, to ensure we improve the quality of life in Nigeria, and as a result of this, develop a more productive workforce.
“We must also continue to invest in early school education to boost literacy, technical and vocational training to support our industrial needs, but most importantly, we must ensure our children have the right digital skills training, to make them competitive for the future of work.
“To attract the required investment into Nigeria, our economy must be competitive. I have already spoken about how improvements in the labour force will make Nigerian workers more competitive. However, we must support that with the necessary investments in infrastructure. This is why the ongoing investments in rail, power, ports and roads are absolutely necessary to ensure long term economic development.
“The work being done to develop an intermodal transport system around the Lagos Port, and planned development of both deep sea and inland ports in other parts of the country, are necessary requirements to boost international trade. If this is supported by extensive road and rail networks, then Nigeria would have significantly lowered the cost of moving people and goods, thereby making our economy competitive and more attractive for investments.”
Former Governor of Abia State and Senator-elect, Dr. Orji Uzor Kalu, also spoke at the occasion, applauded Freedom Online for the forum.
He said it provided a good opportunity to discuss issues relevant to the nation’s growth.
He described the publisher of Freedom Online, Mr. Gabriel Akinadewo, as a shining light in journalism, saying he had achieved great success within the period the online newspaper started.
Kalu, who was the chairman of the occasion stressed the need for Nigerians, particularly, politicians, to focus on issues of governance.
He said having elected leaders at different levels, the focus should be on how to work for the growth of the country.
“I want to advise our political leaders that elections are gone, we should now think about governance.
“Nigerian politicians have forgotten about governance and are still talking about politics after the elections. Some people are already talking about 2023 even when they have not done anything about the mandate they got in the last election.
“There is time for everything. There is time for politics and there is time for governance. This is the time for governance and that is what we should focus on as political leaders across parties,” he said.
Kalu pointed out the need to diversify the economy for improvement.
“We need to expand the economy for growth, and I have always argued that we need to remove every business from government for better economic performance.
“It is better for Aliko Dangote to own everything than government owing a business. It is not possible for government to do policy formulation and do policy implementation at the same time, so businesses are better left with the private sector,” he said.
Dignitaries at the event included former Governor of Ogun State, Otunba Gbenga Daniel; former Military Governor of Bayelsa State and former Police Affairs Minister, Navy Captain Caleb Olubolade (rtd); Special Adiver to the President on Media and Publicity, Mr. Femi Adesina; Aare Ona Kakanfo of Yorubaland, Iba Gani Abiodun Adams; President of the Nigerian Guild of Editors, NGE, Funke Egbemode; Prof. Akin Onigbinde; President of Theatre and Motion Pictures Association of Nigeria, TAMPAN, and popular actor, Otunba Bolaji Amusan (Mr. Latin).
At the occasion too were media chiefs, captains of industry, officials of Globacom, Nigerian Maritime Administration and Safety Agency (NIMASA), Dangote Group, United Bank for Africa (UBA), Nigerian Ports Authority (NPA) among others.
