Chairman/Chief Executive Officer of Financial Derivatives Nigeria Limited, Mr. Rewane Bismarch, says the country needs to strengthen its economic institutions if she desires to successfully assimilate new technologies, and bolster economic development.

According to him, the presence of physical infrastructure such as hospitals, educational institutions, copious road networks, help the economic system to function productively.

He also explained that advancement in technology, apart from increasing productivity, also increases the people’s income.
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Speaking as a guest lecturer at the 8th Convocation Lecture of Bells University of Technology, Ota, Ogun State, he said: “Technological progress comes with increased enlightenment and as such, propels changes that can transcend to the institutional structure of economies. China has been highlighted as an example in this instance.”

In a Paper titled: “Technology and Economic Development,” he bemoaned the reality that Nigeria was at its first recession in 20 years, pointing out that data from Economist Intelligent Unit, indicate that the country has suffered a recessionary gap since 2012, when her real GDP growth began lagging the growth of its potential GDP.

Regrettably, he said the growth outlook for the year remains lackluster, with the International Monetary Fund (IMF) and the National Bureau of Statistics (NBS), individually projecting a negative growth of one per cent and 1.3 per cent respectively.