By Binta Adewumi
A don from the Department of Economics Ekiti State University, Professor Taiwo Owoeye, has called on stakeholders, individuals and government to look into manufacturing if Nigeria is to succesfully overcome the economic doldrums it is immersed in.
Professor Taiwo made this call while delivering the 90th inaugural lecture of Ekiti State University titled; “An empty house full of people: poverty, productivity and prosperity in nigeria”.
Delivery the thought provoking lecture, the erudite scholar identified the inability of Nigeria as a country to manufacture most of the materials it consumes thereby making it dependant on foreign countries who in turn dictates the channels of the economy.
The professor of development economics bemoaned the rate of poverty in Nigeria while faulting successive government policies which he believed focuses on jamboree projects rather than invest in human capital development and industrialisation.
He particularly decried the country’s reliance on crude oil while neglecting other sectors like Agriculture where cocoa and palm oil once made nigeria an economic giant.
According to him, the statistics of poverty is measured by the low productivity of the country.
“Every nation started poor but most were able to overcome by concentrating on the output which is productivity. He further explained that if the productivity of a country is high, then the greater the chances of moving out of poverty, and that when the production is low, then it remains stuck in poverty.
Professor Owoeye while proferring solutions to the economic challenges facing the country maintained that manufacturing should not be left for the government alone, he called on individuals to concentrate on goods and services that can be exported which he believes will revive the economy faster and better.
He particularly singled out China, Japan and the Asian tigers whose economy received a massive boost in the 1990’s and 2000’s with value quality commodities with manufacturers making it cheaper and available at different times.
Professor Owoeye said it is still a surprise that a country like Nigeria which is rich in human and natural resources still continues to struggle in economic distress.
This thought he said was responsible for the title ‘an empty house full of people poverty, productivity and prosperity in Nigeria.
” if we can go back and start producing, let us start manufacturing, i believe it will strengthen our stand in the global market and our economy can also match those of the west and the Asians” he said.
In his own remarks, the vice chancellor of Ekiti State university, Professor Joseph Babatola thanked the lecturer for exposing the causes and failures of the Nigeria economy state and also proferring solution to the menace by advocating for aggressive productivity in all sectors.
Professor Babalola was of the opinion that manufacturing can come in any form so far it is solving a particular problem believing it will grow with time.
He used the opportunity to call on individuals to brainstorm on the areas they can contribute to uplift the economy of the country.
