Summit: Stakeholders x-ray challenges of Nigerian economy, seek FG intervention.
Summit: Stakeholders x-ray challenges of Nigerian economy, seek FG intervention.
Segun Oladipupo
Stakeholders in the Maritime industry have identified some loopholes having negative influences on trade and causing decline in the nation’s economy with the view to finding lasting solutions to the menace.
At the 5th Global Searchlight Summit and Awards in Lagos recently, which has its these as “Nigeria Economy: Bridging the Productivity Gap with Resilience,” the stakeholders highlighted the factors militating against the economy.
In his paper presentation, Alhaji Abdulazeez Babatunde Mikhail, CEO of Excellency Nigeria Limited, hinted on several factors contributing to the nation’s low national productivity growth rate
He pointed out that inadequate infrastructure, youth unemployment, strikes, brain drain, corruption, insecurity and unsatisfactory work habits form the basis for the gap in the economy.
Alhaji Mikhail, a former General Secretary Association of Nigeria Licensed Customs Agents (ANLCA) mentioned that, with over 90% of its exports originating on oil, Nigeria has institutional and structural issues that need to be resolved.
The award winning freight agent said “The largest economy in the continent ranks 18th in Africa in terms of per capita income which according to him Is as a result of population size, but an indication of the prosperity or lack of it. The population and contributions of the citizen to national wealth”.
In his view, Nigeria must close the productivity gap in order to generate wealth and be competitive on a global scale. He also noted that success is attainable despite the fact that there are substantial obstacles to overcome and possibilities to seize.
The second speaker, Barrister Imonitie Alaba, examined the state of Nigeria’s economy and expressed the opinion that, in order to strengthen the country’s economy and close the productivity gap, resilience should be seen as the cornerstone of stability and growth.
He also emphasized that Nigeria wants to increase productivity in order to achieve sustainable growth, given the economic difficulties the country is now facing, such as high unemployment and poor infrastructure. In order to navigate the uncertainties and challenges of the economy, resilience is essential.
He continued by saying that the Nigerian economy must prioritize a number of important areas in order to close the productivity gap, including diversification, infrastructure development, investments in human capital, technological advancements, financing accessibility, governance and policy reforms, entrepreneurship and innovation, and international partnerships.
But even while the path to higher productivity is bright, he pointed out that obstacles like change aversion and outside economic forces need to be overcome. Plans for effective mitigation are necessary for resilience and success.
“Through government initiatives, human capital investment, technology adoption, and a push for innovation, Nigeria should aim not just to overcome current economic challenges, but to be a competitive force globally. By focusing on resilience and implementing strategies in these key areas, Nigeria can bridge the productivity gap and create a more vibrant economy. The built-in resilience ensures adaptability, laying the foundation for a prosperous and sustainable future,” he said.
In her welcome remarks, Searchlight Magazine Publisher Lola Adesokan stated that Searchlight Media is committed to fulfilling its social responsibilities even in these difficult times.
“To say that the economic life of professionals and businesses is highly threatened in Nigeria today is an understatement. But, like the common saying goes, When the going gets tough, the tough gets going. Despite the challenges of the time, we at the SearchLight Media are ever determined to carry out our social responsibility, which is one of the events taking place today”.
She further gave gratitude to God and everyone who has supported her since the Summit’s inaugural edition.
This year’s event also saw the Searchlight Magazine publishers honouring a few individuals with the “Global Searchlight Citizens Achievers Award” in recognition of their numerous contributions to the growth of Nigeria’s maritime sector.
Hajia Bola Muse, Prince Segun Oduntan, Alhaji Abdulazeez Mukaila Babatunde, and Mr. Innocent Nsikak Orok were among the awardees.
Others are Barrister Alaba Imonite, Mrs. Temilade Oluyemisi Ogunniyi, Mrs. Theodora Nwaeze, Comrade Michael Adetumi, and Mrs. Rollens MacFoy.
