By Maduka Nweke
The Commissioner of Finance and Chief Economic Adviser to the Ogun State Governor, Mr. Dapo Okubadejo has said that Nigeria’s deficit financing rose by 370.5 per cent between 2016 and 2023.
Speaking at the 2024 KPMG Alumni Cocktail at the weekend in Lagos, the Commissioner stated that Nigeria’s low & declining foreign direct investment dropped from $2.2 billion in 2014 to $470 million in 2022, with Ghana overtaking Nigeria as the main investment destination in West Africa.
According to him, high unemployment and underemployment showed that two-thirds of Nigerian youth are either unemployed or underemployed.
“Significant infrastructure gaps, including access to electricity, which constrains local production and productivity, insufficient power generation, transmission & distribution capacity, have also increased.
“Widespread insecurity, including banditry, insurgency, and separatist agitations, which undermine economic stability and development, high & unsustainable cost of doing business and governance caused by national budget preparation & implementation issues, inefficient / ineffective civil service structure & processes, significant wastages from incomplete / abandoned / idle government projects / assets, value for money issues in public procurement have been rampant, “ he noted. Okubadejo also noted that low foreign reserve levels, low intra-Africa trade, significant dependence on imports, weak local production, or manufacturing base has reduced Nigeria’s purchasing power. “Though unpopular, the Government is taking some crucial reform measures such as the removal of fuel subsidies and floating of the foreign currency. Nonetheless, the task ahead remains enormous,requiring the collective efforts, collaboration, and innovation of all Nigerians. We must help our nation in the bid for total transformation.
“A crucial aspect of our nation’s revival is the empowerment of our youthful population. By nurturing their potential in areas such as agriculture, entrepreneurship, and technology, we lay the foundation for sustainable development. We must continue to harness the energy and creativity of our youth to drive innovation and progress.
“Furthermore, we must continue to drive the real sector of the economy in manufacturing, agriculture, and infrastructure. Nigeria cannot remain a consuming economy and dumping ground for imported goods and expect any revival from anywhere.
By strengthening the real sector and
coupled with conscious diversification of the economy in line with the
country’s competitive and comparative advantages, the recovery and
transformation of our economy will be assured.
One of the discussants, Mrs. Folakemi Fadahunsi, the CEO Proworth
Investment Company who is a transformational expert said that after
her attempt to get into government circles, she found that the best
would be to transform whatever form of engagement whether in the
service or productive lines into something tangible. She noted that
she found a working career in the transformational aspects of life.
In her contribution, Mrs. Winifred Akpani, an expert in energy
investment noted that every tough measure teaches lessons and people
acquire experience and principles they deploy in their various
businesses. She therefore advised Nigerians to take every opportunity
seriously as there is no sector one cannot make progress and
livelihood.