Imperatives for Restoring Nigeria on the Path of Sustainable Economic Growth and Development by Professor Prince Michael Sunday Ikupolati
Professor Ikupolati presents key imperatives for restoring Nigeria's economic growth and development, addressing the country's challenges and opportunities. Emphasizing the need for industrialization, the lecture aims to spark discussion on propelling Nigeria towards becoming a first-world country.
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IMPERATIVES FOR RESTORING NIGERIA ON THE PATH OF IMPERATIVES FOR RESTORING NIGERIA ON THE PATH OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT BY BY Professor Prince Michael Sunday Professor Prince Michael Sunday Ikupolati (BSC, MBA, PhD, DBA, LLB, FCII, FCIIN, FCIPDM, FNIM, FNIMN, FIMCN, FIPESAN, DFPEFON, MIoD, CMC) Professor of Leadership and Corporate Governance Professor of Leadership and Corporate Governance NATIONAL PRESIDENT AND CHAIRMAN OF COUNCIL NATIONAL PRESIDENT AND CHAIRMAN OF COUNCIL Ikupolati. AP . AP CHARTERED INTITIUTE OF PUBLIC DIPLOMACY AND MANAGEMENT. CHARTERED INTITIUTE OF PUBLIC DIPLOMACY AND MANAGEMENT. 2ndSeptember, 2023.
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. PMI PROTOCOLS: The Vice President of the federal Republic of Nigeria,HE Kashim Shettima GCFR The Chief host and Executive Governor of Oshun State and other State Governors here present; Distinguished Senators and Honourable Members of the National Assembly here present; Hourable Ministers and Senior Members of the Executive and the Judiciary here present; Our Royal Fathers and other traditional titleholders; My Lord Spiritual and Temporal; Members of the forth realm of the estate; Distinguished invitees, Ladies and Gentlemen. All other protocols duely and respectfully observed. PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. PMI It is a great pleasure and privilege for me to stand before you this morning to deliver this paper titled Imperative for restoring Nigeria on the path of sustainable Economic Growth and Development at this auspicious. I am particularly delighted to see the Vice President and other Excellences her present. It is my fervent prayer that my little contribution here today will go a long way in reminding us on the imperatives of economic growth and development in Nigeria. GIC PMI PMI
BIBS-UoA PRESENTS ITS FIRST INAUGRAL LECTURE PMI Distinguished Ladies and gentlemen, it is disheartening to note that sixty-three years after independence, Nigeria is yet to become an industrialized nation despite all the human and natural resources she is endowed with. Government after government in Nigeria lacked the wherewithal to move Nigeria from a third world to a first world country. Why? GIC PMI PMI
BIBS-UoA PRESENTS ITS FIRST INAUGRAL LECTURE PMI This is a fit that was achieved through the vision of a single man, Lee Kuan Yew, who took his country Singapore from a third world to first world within a period of Fifteen years. When Lee Kuan Yew speaks, presidents of nations, prime ministers, diplomats, and CEOs listen. GIC PMI PMI
BIBS-UoA PRESENTS ITS FIRST INAUGRAL LECTURE PMI Same with Sheikh Mohammed bin Rashid Al Maktoum who through his instrumentality converted Dubai, a desert into a first tourist destination of the world. Nigeria is yet to get it right. This means that a country could have all it takes to develop but yet remain under-develop without good leadership. GIC PMI PMI
BIBS-UoA PRESENTS ITS FIRST INAUGRAL LECTURE PMI The pertinent questions here then are: 1) Why is a Country like Nigeria with over 200 million citizens and abundant human and natural resources still wallowing in abject poverty? 2) Why is it so difficult for Nigeria to grow her her economy and develop the nation like Singapore and Dubai? 3) Why are the followers (Nigerians), not holding the Governments accountable for their actions and inactions since 1960? and finally 4) What is the way forward now for Nigeria, especially with the advent of a new government? These and many more questions I will attempt to answer in this presentation. GIC PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. FACTORS AFFECTING ECONOMIC GROWTH IN NIGERIA a)Levels of corruption b)Levels of infrastructure c)Educational standards d)Labour productivity e)Levels of inward investment f) Labour mobility g)The flow of foreign aid and investment h)Level of savings and investment PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. ECONOMIC GROWTH WITHOUT DEVELOPMENT It is possible to have economic growth without development. i.e. an increase in GDP, but most people don t see any actual improvements in living standards. This can be cause by: 1) Concentration of wealth 2) Corruption 3) Environmental problems. 4) Congestion 5) Production not consumed 6) Military spending PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. HOW TO GENERATE ECONOMIC GROWTH IN NIGERIA Economic growth is dependent on the following four contributory areas: a) Increase Physical Capital Goods However, two things are critical to this process. i. Someone in the economy must first engage in some form of saving (sacrificing their current consumption) in order to free up the resources to create the new capital. ii. In addition, the new capital must be the right type, in the right place, and at the right time for citizens to more productive. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. HOW TO GENERATE ECONOMIC GROWTH IN NIGERIA b) Improve Technology c) Grow the Labor Force However, as with capital-driven growth, there are some key conditions to this process. i. Increasing the labor force necessarily increases the amount of output that must be consumed in order to provide for the basic subsistence of the citizens. ii. Also, just like additions to capital, it is important for citizens to have the right attitude to work. d) Increase Human Capital. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. If the benefits of our growth flow only to the elite group in Nigeria, the growth will not be sustained. Therefore: i. The current Government must watch the use of multiple taxation to grow revenue- Taxes affect economic growth, at least in the short term, through their impact on demand. A tax cut increases demand by raising personal disposable income and encouraging businesses to hire and invest. However, the size of the effect is dependent on the strength of the economy. If it is operating close to capacity, the effect is likely to be small. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. WHEREAS Economic development refers to the process by which the overall health, well-being, and academic level of the general population of a nation improves. It also refers to the improved production volume due to the advancements of technology. It is the qualitative improvement in the life of the citizens of a country and is most appropriately determined by the Human Development Index (HDI). PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. MEASURES OF ECONOMIC DEVELOPMENT a)Real income per head GDP per capita b)Levels of literacy and education standards c)Levels of healthcare e.g. number of doctors per 1000 population d)Quality and availability of housing e)Levels of environmental standards f) Life expectancy. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. FEATURES OF UNDERDEVELOPMENT a)Absolute Poverty The Chart below shows the share of global population living below the extreme poverty line in Nigeria from 2016 to 2023. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. b) Education standards (literacy rates) - Economic growth may enable more money to be spent on education. However, there is no guarantee that the proceeds of growth will be used to improve education standards. The figure below shows the literacy rates in Nigeria between 2010 2021. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. c) Environmental standards - Economic growth can actually harm the environment and people s living standards. For example, higher output could cause more pollution. If higher growth involves cutting down forests this could have adverse environmental consequences in long- term. d) Transport / Infrastructure - Economic development would require improvements in infrastructure and transport. e) Health and Welfare Economic development requires availability of heath care facilities, easy access to good health care system and availability of health care personnel. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. The concept of sustainable development rests on three moral imperatives: a) satisfying human needs, b) ensuring social equity and c) respecting environmental limits I accept that there is no single pathway to the sustainable development space. Different countries face different challenges and must follow different pathways. Nigeria must therefore examine its own local peculiarities and fashion out its own sustainable development pathways through effective policies directed at the major PMI PMI PMI drivers of economic development.
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Good governance and effective leadership are critical factors for the achievement of sustainable economic growth and development. It is often said that no country can develop beyond the level of its leadership. The predicament of Nigeria in terms of underdevelopment and corruption today can be adduced to the problem of leadership and governance. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. The success or failure of governance of any regime in power is basically determined by the quality of governance and leadership of such administration. Nigeria needs committed leaders who will govern with integrity and doggedly influence its human and natural resources toward the actualization of sustainable national development. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. PMI President Bola Tinubu on assumption of office declared the removal of subsidy, reformed the Foreign currency regime and set out an 8-point agenda of his administration. The agenda include: 1) food security; 2) ending poverty; 3) economic growth and job creation; 4) access to capital; 5) improving security; 6) improving the playing field on which people and particularly companies operate; 7) rule of law; and 8) fighting corruption. GIC PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. The last 100 days of his administration have been turbulent following these reforms While international investors have hailed these reforms, Nigerians have felt the negative impact the most. It is often symbolic to assess the performance of a new administration within the first 100 days, sometimes PMI PMI PMI even for a shorter period.
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. However, for President Tinubu s administration, it is not simply about the present moment or what he has done within the short term of being in office, it is more about the medium to long term vision of how he wants to reposition the economy and PMI PMI PMI make life better for Nigerians.
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. I am particularly optimistic that if Nigerians can be patient, these reforms will in no time birth a new Nigeria. It is like laying the foundation for an edifice. While the foundation is the most important structure of the building, its beauty is latent until the structures are complete and the building painted then the beauty will not only be apparent for all to behold, it also will provide the much needed shelter to shield the occupants from bad weather and other unfavorable external conditions. The reform of Mr President today is an investment in the prosperous future of our great country, if we PMI PMI PMI can let him breathe.
PATHWAYS TO RAPID ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Pathway 1 Effective Monitoring, evaluation and control of Government MDAs - The Ministry of Budget and National planning will do this effectively, if given the needed autonomy. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Pathway 2 - Need for true Federalism Or Regional Government is an imperative for Nigeria if we must develop rapidly. The States and Local Governments to be better empowered to contribute meaningfully the economic growth and development through active participation in the management of our natural resources and endowments. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Pathway 3 The need for National Culture Without a national a culture it will be difficult to evolve a common vision and goals for rapid economic growth and development. As a way forward we must begin to build leaders of today and not hope against for leaders of tomorrow. We leaders of today who can dream the future of Nigeria and create a vision of an egalitarian society for our nation. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Pathway 4 Huge Investment in Human Capital Development The wealth of a Nation is centered not on the size but on the quality of her Human resources such as in Japan and Germany. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Based on the two models of national development; i. Model One - develop the nation so that the citizen can develop therein; or ii. Model Two - develop the citizens so that together they can develop the nation. Nigeria has failed in the use of the first model and the only rational alternative is to fall back on the second. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Hence as a way forwards government must invest heavily in human capital development to create highly skilled manpower needed for rapid economic growth and development. Nigeria today needs Vocational and Technical Education as it is in Germany. Prioritizing education in Nigeria henceforth is a task that must be done. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Pathway 5- Genuine Diversification of our economy Overreliance on Oil is now becoming obsolete as an economic development model. As a way forward we must begin to develop other sectors such as Agriculture, Solid Mineral, Physical Infrastructures; Manufacturing, Trading and Service among others. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Pathway 6 Diversity Management Nigeria is a largely diverse population and for rapid economic growth and development, Government must be in a position to effectively manage the different component of the society. To achieve our desired goals, our Leaders at all levels both in private and public sectors must learn to manage their personal, interpersonal, family, political relationships and all other forms of diversities with Diplomatic principles. We would rapidly, more than can ever be imagined, get out of the wood of econo-political crisis we are in, PMI PMI PMI recover from our economic recession if we can effectively manage our differences in Nigeria.
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Pathway 7 Creating a conducive environment There cannot be rapid economic growth and development in an atmosphere of crisis and chaos. There must be peaceful environment for all institutions of government and the private sector to function effectively Thus Government must ensure that Gboko Haram, Kidnapping, Violence and civil unrest, Armed robbery, and other social vices must stop. When a conducive environment is created, Capital inflow into the country will increase through tourism and DFI. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Pathway 9 Strategic Partnerships and Alliances Nigeria must find a way of making their collaborations effective. Ecowas, AU, The African Continental Free Trade Area (AfCFTA).Strategic partnerships will have a mutual promise of working for the betterment of each other. But Nigeria can be worse off if not properly managed. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Pathway10 Reducing the insecurity and banditry in Nigeria to promote foreign investments into the economy through Tourism, FDI, Diaspora remittances etc. It will be difficult for the current administration to convince investors if nothing is done and is seen to have done to create and conducive investment environment in Nigeria. After a positive achievement in this area Government PMI PMI PMI must go into high Public Advocacy.
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Pathway11 Promote the active participation of MSMS Enterprises in our GDP. Most advanced economies of the world rely heavily on the contribution of SMEs. Nigeria cannot be an exemption. SMEs must encouraged via tax holidays, reduced heavy regulatory provision and investment in Industrialization PMI PMI PMI and human capital development.
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Pathway 12 Most importantly, we need good Leadership - We would rapidly, more than can ever be imagined, get out of the wood of political crisis we are in, recover from our economic recession if we can get our leadership. The future of economic growth and development in Nigeria is dependent to a very large extent on Nigeria getting the issue of leadership PMI PMI PMI right.
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. There are FIVE main solutions to the leadership equation in Nigeria: a) Effective selection of political leaders in Nigeria; b) Having some standard criteria based on ABILITY and CHARACTER for chosen leaders in Nigeria; c) Holding Leaders accountable for their actions or inactions in Office, avoiding impunity and leadership rascality; d) Ensuring leaders show sufficient evidences of adequate preparation for leadership position in Nigeria; and e) Leaders with the fear of God. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. What we need today in Nigeria is a new generation of leaders who will take good governance as priority tool for managing our myriads of economic and social challenges. Our leaders must appreciate the fact that we cannot attain the much- desired level of economic growth and development, without embracing diplomacy as their fundamental PMI PMI PMI philosophy of life.
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. PMI Our Leaders must begin to focus on our collective goals as a Nation rather than individualistic interest. They must be committed, selfless and remain resolute to pursue excellence at all cost. If we must succeed as a Nation our Leaders must ignore unnecessary criticisms of oppositions and be forward looking. PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. Remember no monument has ever been erected to a critic. Monuments are erected to those who have been criticized on their way up. Criticism is part of human development. Our leaders must really focus on our collective goals as a Nation and stop being egocentric. We need committed. Selfless and resolute Leaders who will pursue PMI PMI PMI excellence at all cost.
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. If we must develop as a Nation our Leaders must learn from our past experiences, strategies for future causes of action that will deliver good dividend of democracy to the common people in Nigeria. Nigeria is the giant of Africa, we cannot afford to fail ourselves and fail the world. We must all join hands in our individual ways to make Nigeria great PMI PMI PMI at this trying times.
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. It is time to settle down and enjoy the great natural endowments and resources that God in His infinite mercies have bestow on us. With effective Leadership, Good Governance and Prudent management of our resources in Nigeria, I can see a brighter light at the end of our tunnel. Ladies and gentlemen, I can confirm to you that our tunnel in Nigeria is a short one, and I can see the bright light at the end of that tunnel. PMI PMI PMI
IMPERATIVES OF SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. PMI PMI PMI
