Ndubuisi Francis in Abuja
Former Economic Adviser to President Olusegun Obasanjo, Prof. Magnus Kpakol, yesterday identified the failure of Nigeria to be a production-driven economy as the cause of the disrespect it attracts from its peers from across the world.
Kpakol, who is the founder of the Economic Growth and Development Centre, also fingered human capital deficiency as a major problem confronting the country.
He lamented that even as a professor of business economy, it was extremely difficult for him to fathom how the country walked into some of the current challenges besetting it.
In a goodwill message he delivered at the Nasarawa State University, Keffi (NSUK) during the flag-off of Africa’s first university-based Institute of Capital Market Studies (ICMS), Kpakol observed that unlike Nigeria, all other successful countries made production the cornerstone of their economies
He said: “Whether it is in Singapore, United States of America, Europe or China, they are into production.
“The problem with Nigeria is that we cannot produce the goods and services we need, which is responsible for the seeming disrespect other countries have for Nigeria.
“When I talk about human capital, I am talking about the knowledge which includes the educational knowledge, experiential knowledge for on-the-job training and above all, your behaviour.”
He stated that someone could have all the technical skills, but observed that if their behaviour is bad, they will not be able to manage other people and the environment.
“So, we need people who understand leadership to take our country to the next level. We need to train the people who will manage the funds we are moving about,” he said.
While advocating that the country should develop home-grown solutions to its problems and not wait for the World Bank and the International Monetary Fund (IMF) to dictate to it, he disclosed that such a move was in the offing when he was the economic adviser to President Obasanjo.
According to him, “Developing such home-grown programmes was not tantamount to dispensing with the multilateral institutions, but doing so with their support, if they so desire.”
He wondered why Nigeria is an exception to the global trend vis-a-vis population density and Gross Domestic Product (GDP)
“If you look around, you will see that in North America, the United States of America has the largest population. It also has the highest GDP. In South America, Brazil has the largest population; it also has the highest GDP.
“In Europe, Germany has the largest population, it also has the largest GDP. When you come to Africa, in Nigeria, we say because of exchange rate. the naira lost value, that’s why naira is N1, 700 to a dollar or that’s why our GDP can’t grow,” he lamented.
According to him, “Such excuses do not hold water, stressing that Nigeria should be a pacesetter, and well ahead of others in Africa, including South Africa.
“With due respect to South Africa, we have no business being in the same vicinity with them.”
Kpakol noted that part of the success story of many countries is to have strong global partners.
On the flag-off of the ICMS, Kpakol said it is incredible and a wonderful thing for the country, describing it as oe of the best in the world.
He said it was crucial to have institutions that will provide critical solution-based recommendations to the government, adding that conversations should now be centred on how to drive the vision of the institute through different stakeholders.
He applauded NSUK for midwifing the ICMS and eulogised its Director, Prof. Uche Uwaleke, for the vision to set it up
