Expert harps on strengthening weak institutions for economic growth
Chief Executive Officer, Financial Derivatives Company Limited, Bismarck Rewane, has emphasised the imperative of building strong institutions if Nigeria, to achieve the desired economic growth.
Rewane gave this insight as the keynote speaker at the 2019 Time Management and Productivity/Nigeria’s Employee of the Year Award Summit (TAMS/NEYA Summit) held in Lagos recently.
Rewane, who spoke on the theme: “Charting Nigeria’s Path to Growth,” said there are three variables necessary for a sustainable economic growth, which are good leadership, sound policies and strong institutions, with the most critical being strong institutions.
“There are three variables of economic growth. These are good leadership, sound policies and strong institutions. Any two combinations of the three will still produce a level of growth. But where institutions are weak, whatever growth is achieved is not sustainable and will eventually come back to zero,” Rewane said.
He said it is regrettable that Nigeria continues to trumpet its abundant potential due to the richness in human and natural resources, yet little is being done to harness this richness, and needs to urgently utilize these potential.
Rewane continued: “GDP growth can be achieved if we fix our weak infrastructure. The power sector problem, for instance, continues to be huge. The TAMS Ambassador Award was conceived burden with the sector hampered by enormous debt overhang and the inability to attract fresh financing. But this can easily be corrected if the debts are converted to equities.”
While education was singled out as a critical sector that must be fixed urgently, participants at the summit argue that without its comprehensive overhaul, it will be difficult for the country to achieve an inclusive economic growth, as the sector is characterised by decayed infrastructure, dearth of quality instructors, obsolete teaching methods, and out-of-date curricula.
The Chief Executive Officer, WhyteCleon Limited, Nireti Adebayo, who chaired the summit, said there was an urgent need to review the country’s educational curriculum to reflect current realities.
She said it would be of high impact and more beneficial to learners and the economy if the curriculum could be fashioned in a way to encourage high achievers in the corporate world or in industry to teach class occasionally, and avail students of their wealth of experience and expertise.
One of the panelist, also the founder/managing partner at L5Lab, a venture development firm, Chika Nwobi, said the failure of the educational system is such that many of Nigeria’s youth are not prepared for tomorrow’s workforce.