Proshare Logo
   Market Date: 01-09-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Why Nigeria needs structural adjustment – Sanusi

Category: Nigeria Economy


  Read (1433)
Why Nigeria needs structural adjustment – Sanusi

Tuesday, February 07, 2012 9:07 AM

 

The Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, has said the country’s socio-economic woes are likely to continue unless the structural defects are addressed.

Sanusi said this in a lecture titled: “Challenges of unemployment and its implication for national development,” which he delivered at the 2012 annual dinner/lecture of the Ahmadu Bello University Alumni Association in Abuja on Sunday.

He explained that the nation had a major structural problem in the composition of the labour force, adding that Nigeria’s value chain had totally broken down.

According to him, there is a serious problem when a country is growing at a rate of seven per cent annually but is not creating jobs.

Sanusi said, “The economic problems of Nigeria can be reduced to one word, value-chain. A country that produces crude oil but imports refined products; a country that is the number one producer of cassava in the world but imports starch and ethanol; a country that has a large cotton belt but imports textile fabrics from China; a country that has a tomato belt, but is the world’s biggest importer of tomato puree; a country that imports rice, five-year old rice from grain reserves from Thailand and India.

“In every sector of the economy, the value chain is totally broken down.”

Sanusi stressed the need for the country to pursue a proper structural adjustment programme, which would move it from being a primary producer to a secondary producer.

He said “An adjustment that moves us from being a primary producer – because we depend on primary industries like oil and gas, into secondary industries where we will build refineries and petrochemical plants, manufacturing plants for textiles and plants for tomato puree; it is only in creating these industries that we create opportunities for jobs.”

The CBN governor said he always laughed whenever the government said its priority was job creation because, “I have never understood what it meant, because how do you do that by employing civil servants? How does government create jobs? ”

He reiterated that the best the government could and should do was to create an enabling environment for the private sector to thrive.

Sanusi also said there was no way the nation’s economic growth could be matched with an equal amount of employment for those ready to take up jobs without a revival of the manufacturing sub-sector.

The apex bank boss said while it was true that the nation’s challenges could not be reduced to the issue of economics, it was noteworthy that it was contributing substantially to the challenged.

Earlier, Vice-President Namadi Sambo, who was represented at the event by Alhaji Ahmed Shanshuna, said the alumni association had a huge role to play in returning ABU to its former glory.

Sambo, himself an alumnus of the university said, “I must also call on us to all reflect on the current state of the university, which is certainly unsatisfactory, and urge us all to make useful contributions and sacrifices to ensure that our Alma Mata is restored to its pride of place as a foremost centre of learning and research in the West African sub region.”

Also speaking at the event, Vice-Chancellor of the institution, Prof. Abdullahi Mustapha, decried the dilapidated state of infrastructure in the school, adding that a lot needed to be done to save it from total collapse.

In an address of welcome, the Abuja Chapter President of the association, Mrs. Salamatu Suleiman, said the occasion provided a platform for members to contribute their quota to the improvement of facilities at the university.

 

Source: Punch

 

 



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Nigeria Economy

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint