Nigeria Needs A National Strategy To Integrate Factor Endowment Into A Plan - Prof. Utomi

Proshare

Tuesday, April 28, 2020 / 4:06 PM / Bukola Akinyele for WebTV / Header Image Credit: The Whistler NG

 

Founder, Centre for Values and Leadership (CVL), Professor Patrick Utomi  was of the view that the ongoing COVID-19 crises was an opportunity for Nigeria to reset its development plan and strategies with a view to attaining measurable developmental milestones. Speaking on WebTV's breakfast Coronanomics program, the political economist noted that pandemics in the course of human history have always provided opportunities for fresh beginnings.   


Proshare Nigeria Pvt. Ltd.

 

Utomi stated that  COVID-19 offered Nigeria an opportunity to adopt a national cohesive development plan and  drive a policy that leverages on its factor endowment to emerge as a globally competitive economy.

 

Speaking on the lockdown experience, Utomi said that Pandemics have shaped human history in many ways including redesigning the production contours of several economies. The lockdown, according to Utomi, will  bring about a shift in how people work and will accelerate the adoption of 4th industrial revolution (4IR) technology such as Artificial Intelligence. 

 

In reviewing fiscal measures during the lockdown period he said, the need for intervention fiscal measures was something Nigeria should have anticipated  which represents the tragedy of the delayed response of leadership. Nigeria has recently  experienced Ebola and Lassa fever amongst other health epidemics  which should have reminded us that epidemics (and perhaps pandemics) are always lurking. He said, at a global level it is incredible to realise that  Nigeria failed to recognise the importance of healthcare sector as a pivotal part of collective socioeconomic existence.

 

According to Utomi, most modern development and human progress has been denominated by two factors; namely, education and healthcare. Nigeria's healthcare sector, according to the academic, is a management disaster and a national tragedy.

 

He was of the view that,  the majority of the population would find it difficult to survive a season like this and there was need for planning to take care of the vulnerable in society. He noted that the planning has not been the best and could lead to social combustion.

 

He said, an economist, Zaheel Zakriya predicted that the pandemic will likely lead to revolution in some countries like Nigeria. Prof Utomi was of the view that the  government needs  a proper system of sensitizing people about the disease and the programmes of government to contain and overcome the health and economic consequences of the malaise.


Proshare Nigeria Pvt. Ltd.

 

According to Utomi, there are  100million people in the country living below the extreme poverty line. He  made a proposal that Nigeria could  find the money to redress the COVID-19 problem by shutting down the National Assembly (NASS) for one year, cut the executive branch expenditure by 60%  and take the resources  they consume and keep the poor at home for 2-3months. He advocated that the Nigerian government take more drastic measures in respect of palliatives for the weakest and  poorest members of society.

 

Prof. Utomi highlighted the following  as the challenges the country faced currently:

  • The shock of lockdown
  • The shock of collapsed Oil prices
  • The shock of unfavourable investment which means the Nigeria economy was stuck in an investment rut. He said Nigeria needs to  rethink its economy in order to move forward

 

The professor noted  five top areas that needed attention at the present time:


On lockdown management, Utomi observed that social distancing was still very important because the coronavirus could be around for six months until a vaccine is developed. He said, Nigeria need to move to a point of multiple strategies. He said the present situation needed to be managed asymmetrically and creatively to ensure that the economy does not collapse in the face of the pandemic.


Most Recent Economy & Politics / #Coronanomics Videos

Proshare Nigeria Pvt. Ltd. Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd. Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.  Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd. Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd. Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.



Proshare Nigeria Pvt. Ltd.



Related News

1. Ahead of Tomorrow on WebTV: Discussions on COVID 19; Focus On Healthcare Infrastructure In Nigeria

2.    Ahead of Tomorrow on WebTV: Discussion on COVID-19; Implications for The Nigerian Insurance Industry

3.     Post COVID-19: Remote Work To Become New Normal As Novel Technologies Redefine Job Markets - Ashiru

4.   COVID-19: Marketing And Advertising Companies Will Rise Amidst The Global Pandemic - Lolu Akinwunmi       

5.     Reset Nigeria - A New Paradigm For Africa's Most Populous Country

6.     COVID -19 and The Implications for the Nigerian Business Environment

7.     COVID-19: Impact on Supply Chain and Disruptions on Operating Model

8.     Ahead Tomorrow on WebTV: Discussions on Job Security During and Post COVID-19

9.     Ahead Tomorrow on WebTV: Discussions on COVID-19: Tax and other fiscal stimulus measures in Nigeria

10.  Ahead Tomorrow on WebTV: Discussions on COVID 19 And The Nigerian Financial Market

11.   Ahead Tomorrow on WebTV: Discussions on: COVID-19: The Pathway For The Nigerian Economy    

12.  COVID-19 - Giving Alms and Tightening Security Will Bring Relief To Citizens - John Wesey

13.  Why There Is A Need for VUCA-lized Leadership To Address The COVID-19 Pandemic

14.  Nigeria Needs to Generate Liquidity To Ensure Growth and Stability - Dr. Ayo Teriba


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP