Economy
By Kennedy Nnamani
THE stakeholders at the 6th in the series of 10 editions of the Economic Summit of WorldStage Limited on Wednesday in Lagos addressed the issues of achieving values-driven, high-standard and transparent infrastructure partnership.
With the theme “Nigeria’s Economy: Bridging the Infrastructure gap”, the summit highlighted the infrastructural gap challenges and proffered solutions that would significantly help in improving prospects of achieving the economic potential of the country.
They also tackled the issues relating to identifying quality infrastructure investment, positive and negative impacts of infrastructure projects on ecosystems, biodiversity, climate, weather, domestic resource mobilization for infrastructure financing, and the challenges in partnering with relevant donors.
According to Segun Adeleye, the President, WorldStage Limited, the WES 2022 aims at solving Nigeria’s economic challenges through diagnoses and application of practicable solutions with public and private sector engagement in a research and innovation driven platform, to inspire new thinking in business operation, policy formulation/implementation, economic reform and development.
“This summit is coming at a critical time when politics has overshadowed other activities as Nigeria prepares for the general elections in 2023,” he said.
He added that it is also at “a challenging time for the economy as the Russia-Ukraine war is causing international commodity prices to surge, with mixed implications for Nigeria”.
While delivering the keynote address, Micheal Ohiani, the acting Director-General of the Infrastructure Concession Regulatory Commission, ICRC, who was represented by Amanze Okere, a public private partnership professional, noted that although the global pandemic has dealt with the world economy, Africans and indeed Nigerians have been blessed and have remained sturdy and focused in infrastructure spending and the necessary diversification of the economy.
“We need to do more, more investment, more innovative ideas on infrastructural development using already proven and trusted technics around the world and more commitment from the private sector towards the actualization of this goal,” he said.
Oluseye Samuel Ajuwon, a lecturer/researcher in economics at the University of Lagos, who was also the lead paper presenter, stated that underdevelopment of physical infrastructures has been the major constraint confronting the Nigerian economic and social development over the years.
Basing the major problem of the nation’s economy to three sectors namely power supply, transportation and education, Ajuwon called for a state of emergency in these key areas.
He lamented that these sectors have been completely neglected to suffer decay and abandonment, which is having a huge negative effect on the nation’s economy.
If adopted, the resolutions of various economic stakeholders at this summit could serve as reference materials for both present and future governments and other public and private stakeholders in the sector to hit the ground running, especially in job creation and economic stability in the country.
KN
Tags: Amanze Okere Kennedy Nnamani Micheal Ohiani
