Leadership (Abuja)
Aminu Imam
29 August 2008
The recent unfavourable ranking by the World Economic Forum Report as the 95th in the world has the implication that Nigeria is very far from being ranked among the top 20 economies in the world.
This observation was made at the conclusion, today, of the 49th Annual Conference of the Nigerian Economic Society held at the Sheraton Hotel and Towers, from August 26 - 28, 2008.
According to the communiqué issued at the end of the conference, these seemingly poor rankings present some opportunities as well as challenges for the economy. " Nigeria is not yet positioned for competitiveness due to lack of new inventions as well as major downturns in the world financial markets," it stated.
The conference, whose main theme was 'Global Competitiveness and the Nigerian Economy: The Way Forward,' also observed that the Nigerian economy has the potential to achieve global competitiveness based on the nation's enormous resource endowments and the continuation of current reform programmes as well as the relative political stability. "Hence, oil cannot be regarded as a 'curse' to the Nigerian economy as reported in some circles."
Various speakers and participants at the conference have therefore called on the government to improve infrastructural facilities in the country, especially in the transport and energy sectors. "Efforts should be made to break the monopoly of the Power Holding Company of Nigeria (PHCN) in power transmission by bringing in other big companies. This can be done by breaking the country into 5 or 6 zones and franchise granted to each of these large power companies for each zone, to enhance rapid growth in the sector. Part of the external reserves should be used to develop infrastructure, road, power, rail, etc."
The conference also noted that the banking sector, as one of the most strategic sectors that have direct socio-economic impact on the lives and business of average citizens, have performed fairly well, particularly in the post consolidation era.
Be the first to Write a Comment!
Copyright © 2008 Leadership. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
