Expert blames economic woes on untapped opportunities

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Makinde Ogunleye, a former Chairman of Lagos Branch of Nigerian Institute of Town Planners (NITP), has identified poor investment zeal among Nigerians as an impediment to the nation’s economic growth.

Makinde said this on Monday while speaking with the News Agency of Nigeria (NAN) in Lagos.

He said that Nigerians were not taking adequate advantage of the abundant investment opportunities in the country.

He also said that poor productivity was stifling the development of the nation’s potential.

According to him, there are many investment opportunities in the country, which are yet to be tapped.

He said, “Nigeria is blessed with mineral resources and investment opportunities that are enough to establish many industries and business ventures to transform the country.’’

Makinde also said that some Nigerians were not interested in investment, but wanted to make quick money.

“Nobody is ready to work again, invest or think of how to produce anything. But, everybody wants to make money overnight,’’ he said.

He said that this was why any little change made in certain sectors used to affect the nation’s economy.

Makinde implored Nigerians to explore investing in other areas rather than in politics or the oil sector to earn a living and also grow the nation’s economy.

He said that a city such as Dubai in the United Arab Emirates (UAE) developed through investment and production.

“Nigerians need to develop the zeal for investment such that they will establish enough industries and develop the country.

“The current development in Dubai is based on industrialisation and foreign direct investment (FDI),’’ he said.

He also advised the Federal Government to enact policies that would make investment opportunities realistic for investors.

Makinde said that the government would achieve this by providing good transportation network, incentives and stable electricity supply to cities for smooth operation and the growth of industries.

He also urged the government not relent in its fight against corruption and insecurity to ensure a stable economy.

“All that the government needs do is to make the country business conducive for both the local and foreign investors to bring in more money for investment.

“In Dubai, an enabling environment is created to encourage all to bring in money for investment,” he said.

According to him, adequate security in the country will encourage both local and foreign investors to feel free to invest without fear.

“I believe that security and steady power supply are the major infrastructure government needs to provide to encourage productivity and operations of industries.

“Once power and security are settled, every other thing will fall in place.

“The success of any investment or business venture depends on the ability of the government to put in place effective policies aimed at promoting and encouraging industrialisation,’’ he said. (NAN)

– Dec. 17, 2018 @ 14:45 GMT |

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