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Simeon Mpamugoh
An economist and Vice Chancellor, Niger Delta University, Bayelsa State, Prof. Samuel Edoumiekumo, has said that corruption and political instability are not strong arguments to justify the stunted growth of the Nigerian economy.
Edoumiekumo said this at the 9th management day lecture series of the Nigeria Institute of Management (Chartered) held recently at the Chris Abebe Auditorium, Victoria Island, Lagos.
He said, “If this position is to be followed, what do we then say about the 20 years of uninterrupted democracy from 1999 to 2019?”
He aligned his views with other group of scholars who argued that the floundering state of development of the country was due to lack of good development plan, adding that it was worrisome as the country has had four developments plans that projected minimum growth rate at 4 percent from 1962 to 1968, which was the first development plan that superceded the colonial plan before it, but its implementation was hindered by the Nigerian civil war.
The university don who looked at the issue; “59 Years of the Nigerian Economy: Matters Arising,” said that the performance of the Nigerian Economy from 1960 -2018 indicated that at independence, Nigeria was regarded as one of the strongest nations among the comity of nations in terms of economic growth and development, full employment, price stability and interest rate.
He noted that the 4th development plan of 1981-1985 like the others was geared towards increasing real income for all Nigerians, reduction in unemployment, power generation and supply, among others but the period witnessed the country going into huge debts, which resulted from various foreign loans obtained in the previous years and increased import bills resulting from a fall in crude oil export revenue.
