Nigeria should link investment with production, consumption for economic growth – Ooni

If Nigeria must grow economically in such a way that the nation’s dependence on imported goods and services would be effectively weaned, there must be a workable linkage among investment, production and consumption, which must be well coordinated by both public and private sectors.
These were the words of Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, forming the discourse of lecture delivered at the fifth convocation ceremony of Kwara State University, Malete, entitled, “Practical Entrepreneurship: Leeway to Nigerian Economy Recovery and Growth.”
According to the Ooni, good and vibrant economy has three ingredients and is very critical for any economy to blossom, as “ingredients that can never be over-emphasized to reviving vibrant economy are: investment, production and consumption.”
The guest lecturer, who said he was passionate about entrepreneurs, said Nigerians had neglected endowed resources and not tapping into them, adding that economic growth could be created through utilisation of natural resources, commitment and change of attitude by all citizenry.
“70 percent of Nigeria population are teeming youths. Very energetic, purposeful driven, they can think outside the box, they have can-do spirit, have so much to offer, yet, they are frustrated by the system which is not encouraging,” the Ooni said.
Using production as an example, he said land and labour were critical, and naturally occurred while capital was being created, saying, “We have so much money in this country but propensity to produce started dropping, where did we get it wrong? Are we going to continue to become mono-product economy?
“We are all talking about economic recovery, how well are we proud of our homes, how well have think of consuming products that are made in our country, what effort have you made to in terms of innovation, what have you contributed to the growth of your community?
“We have gotten it wrong because we place much emphasis on capital that can be created.”
The Oba, who expressed dismay over how Nigerians were relegating their own products and consuming imported products without knowing the source and eventually inflicting ailments on themselves, noted, “can anybody say I check myself from head to toe with what I wear, the soap I use to bath, the cream, the food I eat, the car I drive, pen and other materials are made in Nigeria?

“Remember at some point, made in China and Japan were used to be inferior products over the last 30 to 40 years, but by virtue of learning they have been able to master their mistakes and they improve on it.
“We are so lazy in this country, what is the hope of our youths, the future, are we breeding entrepreneurs or consumers, are we very proud of what we produce in Nigeria? Let us think about all these things, they are all leeway to economic growth and recovery. If we change our orientation in this country, things will move forward.”
Speaking further, he explained that “there no short cut to success, and that is one of fundamental problems we have in this country, everyone wants to get there quick, we don’t want to learn from our mistakes. I don’t believe in failure I believe in several options. We should take out failure from our Dictionary, think outside the box and as well think positively.
“To me, economy crisis in Nigeria is a blessing because it makes us think inwardly that we should start to promote ourselves. We are so lazy in Nigeria, It is so sad we import toothpick. Substandard and counter products were imported to the country. we can not produce enough chicken, we rather we import and use our money to buy substandard, cancerous and ailing product like chicken”.
He said: “Necessity is the mother of invention. We should believe in who we are, believe in our country, and let us be very proud of what can come out of this country.”
He however advised the youths to be very careful on decision they make in life as it will affect them as a person, their family, community, state and the nation at large.

 

SIKIRAT SHEHU, Ilorin