A University don , Prof, Damian Emeh Mbaegbu on Thursday said inspite of the daunting challenges Nigeria faces as a country, it can still take off , diversity and sustain the economy once there is a political will and transparent leadership.
He declared that policy inconsistency has been the bane of Nigeria’s development, noting that developmental plans encompassing industrialization policies is the compass for poverty eradication in Nigeria.
Mbaegbu made the assertion while delivering the 26th Inaugural lecture of Igbinedion University Okada (IUO) with the topic, ” The incidence of mass poverty in Nigeria: A case of self-inflicted injury on the people by the people. “
The professor of business management said a good public policy framework is a sine qua non for the country to operate and develop in all sectors. We have had Vision 2020, NEEDS ( National Economic Empowerment and Development Strategies), and SEEDS ( States Economic Empowerment Strategies. )
“There are threats that oil may not command respect at the international market as electric cars are being produced. Nigeria should make proactive plans for this. Are we ready? If nothing is done, we may have to drink the oil we produce in the near future. “Mbaegbu said.
He said to make industrialization the arrow Head of Diversification and sustainable development, Nigeria should try all the strategies again based on cost-benefit analysis and transparency of officials.
“There is need to woo big time foreign investors including Nigerians in Diaspora, with good quantum of capital to invest in large scale industries with big push advantages such as petroleum refinery as Dangote has done in Lagos, Petrochemicals, vehicles assembly, cement manufacturing in all the states of the Federation and reduce import dependent.
“There is also need to woo small private investors both local and foreign to establish small industries at designated layouts in all the states. What is required to woo investors is the provision of enabling environment, particularly the ease of doing business and power generation.
“Independent Power Plant (IPP) should supply electric power exclusively to the industrial layouts. The IPPs are already in Port Harcourt and Lagos. They have to go round to other states.,”he said.
He said Nigeria should not any more allow swallow international trade theories hook , line, and sinker on the false notion of “comparative advantage ” and forever be import dependent.
Mbaegbu noted that the trade liberalization theories of milton-Friedman and associates of the 1950s have failed developing countries saying, “If Nigeria had continued industrialization with the industrial policy objectives of the various National Development Plans starting from l966, the country should not have been dependent on oil alone for revenue. Unfortunately, the plans were jettisoned, and without plans and priorities, they (our leaders) ruled the country. “