Guests at the second annual lecture of Freedom Online held in Lagos on Thursday, April 18 also harp on the need for infrastructural development and restructuring of Nigeria

By Emeka Ejere

Nigerian economy is in dire need of expansion and the way to go about it is for government not involving in business beyond providing the enabling environment necessary for businesses to thrive.

Orji Uzor-Kalu, a former governor of Abia State and senator-elect for Abia North, made the submission at the second annual lecture of Freedom Online held in Lagos on Thursday, April 18.

Kalu, who noted that government has no business in business, said now that elections are over, all attention should be focused on the economy with a view to diversifying and expanding so as to achieve growth and sustainable development.

He said there is need for government to allow the private sector to control most businesses, as they had the expertise to do so and create jobs.

”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.

On the ongoing restructuring debate, Kalu said there is an urgent need for the country to practise true fiscal restructuring to address the myriads of challenges facing the country.

In his remarks, Gbenga Daniel, a former governor of Ogun State, stressed the need to restructure the country as the solution to the major development challenges of the country lies in restructuring.

”The only way for the system to work is for us to restructure .With restructuring, most of our challenges would be gone,” he said.

According to Daniel, there is need for Nigerians to strengthen democracy to enhance good governance.

The theme of the lecture, organised by Swaaya Limited, publishers of the online medium, was ”Fixing the Economy; Less Politics More Substance.”

Kayode Fayemi, the Ekiti State governor and guest lecturer, in his presentation, identified investment in infrastructure and human capital development as indispensable to economic growth.

Fayemi, who was represented by Akin Oyebode, his special adviser on Trade and Investment, said no country attained sustainable development without adequate attention to infrastructure and human capital.

According to the governor, though the country once had a healthy economy with high agricultural and industrial productivity, lack of infrastructure and people with the right skills robbed the economy of the desired growth.

He said the recent recession witnessed by the country happened not just because of the crash in oil prices, but because of the long years of neglect of education and infrastructure.

His words: ’There is the need to visit the history of the Nigerian economy from independence.

”According to a 1955 report published by the World Bank, then known as the International Bank for Reconstruction and Development, Nigeria had a population of 32 million people, with most of its people engaged in agricultural activity.

”Even at that time, Nigeria had a thriving export led by cocoa, oil palm, palm kernels, groundnut and cotton.

”The industrial sector was active, led by the biggest establishment at that time, the sawmill and plywood factory at Sapele, that employed over 3000 people.

”In addition to that plant, there were textile mills, rubber factories, bottling companies and other industrial establishments.

”Even at that time, most of the people lived in rural communities; Nigeria had 18 towns with a population of over 50,000 inhabitants, led by Ibadan with 460,000 people.

”The points are important, because it tells you Nigeria had some of the competitive advantages for industrialisation; a large population and a large number of cities.

”However, literacy levels were low at 10 per cent and our per capita income was one-tenth of the income levels in Europe.

”So, while the economy was healthy, there was the need to spend at least two decades growing human capital and infrastructure, principles espoused and implemented by the Western Region led by Chief Obafemi Awolowo.

”However, with a general lack of investment in long term human capital and infrastructural development, by the 21st century, the economy was tethering on the brink, although the seriousness of the situation was masked by rising oil prices.”

According to Gabriel Akinadewo, the managing director/editor-in-chief of the medium, the lecture is an annual event that brings together captains of industry, media chiefs, politicians and professionals “to discuss economic challenges in the country, proffer solutions and ensure that Nigeria occupies its rightful place in the comity of nations”