Ebun Babalola
4 October 2008
In a bid to contribute its quota to the transformation of Nigerian economy, Timeless Newspapers, a Christian publication, recently introduced to the market Timeless Business and Leadership Quarterly, a magazine that is poised to expose all the ills in the nation's economy and chart a way forward for economic managers.
Speaking during the official lunching of the magazine in Lagos, motivational speaker and senior pastor, Christ Temple, Ghana, Pastor Mensa Otabil, disclosed that his concern for the nation is what triggered his decision to honour the invitation by the company owned by Christ Church parish of the Redeemed Christian Church of God, Gbagada, Lagos.
The pastor who spoke extensively on the economic predicament of the nation attributing it to negligence of political leaders and some other statesmen in the country, called on the Nigerian government to go back to the drawing board and have a rethink of how the Nigerian economy would be transformed to benefit the people at the grassroots level.
According to him, the present state of Nigeria's economy is most unacceptable, considering the nation's enormous natural and human resources. This is more so giving the fact that Asian countries, such as Singapore and Malaysia, with similar attributes and natural endowments, have recorded significant successes in the development of their economies since 1965 when they were at par with or even behind Nigeria, he said.
Director of the Timeless and parish pastor of Christ Church, Gbagada, Lagos, Pastor Ituah Ighodalo, who explained the reason for the establishment of the Timeless Magazine said its existence is to contribute to national development.
He said: "Timeless Business and Leadership Quarterly is a new business and leadership journal for the young, upwardly mobile, discerning professionals," adding that, its target was also to publish a business journal that cuts across all strata of society with appeal for all business people, from mega-corporations to cottage industries, SME levels.
"We will provide business people with insights, skills, information, outlooks and personalities that will positively shape their business horizons and improve their productivity," Ighodalo promised, maintaining that the major causes of decline in Nigeria's economic fortunes have been political instability and bad governance, lack of vision, poor foresight, and overwhelming corruption most especially in the 1990s.
He lamented that military rule in Nigeria, has led to economic and social stagnation, adding that the advent of democratic rule in 1999, after three decades of military rule has now afforded Nigeria the opportunity to arrest the decline in her socio-economic development and embark on economic revival.
"The contribution of agriculture to GDP, which was 63 per cent in 1960, declined to 34 per cent in 1988, due to this same neglect. It was therefore not surprising that by 1975, the economy had become a net importer of basic food items. Ironically, oil refinery capacity too has been most inadequate and inefficient, forcing the nation to also import refined petroleum products. In 1998, the inflation rate had, however, reduced to 9.5 per cent from 29.0 per cent in 1996 and now stands at 10.5 per cent, this is telling on Nigerian economy," he added.
Highlighting some measures that may possibly bring about transformation in the nation's economy, Ighodalo said, the country would experience good economic turnover if, government can consider investing in human capital resources instead of investing in science and technology.
"Everybody should make sure that, all the necessary things are put in place and ensure that plans set aside to transform the nation's economy should be strictly adhered to," he said.
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