Daily Trust (Abuja)

27 February 2009

Nigeria: Global Economic Crisis - Balarabe Musa Proffers Solution for Country

Former governor of old Kaduna State and National Chairman of the Peoples Redemption Party (PRP), Alhaji Abdulkadir Balarabe Musa, yesterday in Zaria said Nigeria can only move out of the current economic crisis if the country fights the existing order the way it fought colonialism.

Musa made the remark at a public lecture organised by the Department of Business Administration of the Ahmadu Bello University (ABU), Zaria, saying Nigeria as a dependent economy cannot escape the current global economic crisis, but it should not allow itself to absolve the failures of the developed economies of the world.

"There is no doubt that Nigeria cannot escape from the current global economic crisis but the country should fight it the way it fought colonialism. America is in crisis and it is therefore doing all it could to pass on the crisis to other countries. Nigeria can fight this development by not allowing the spill over of the American crisis to have an impact in the country. The country can do that by adopting policies that have human face and the effective utilisation of the nation's resources for the development of the country and the citizens", Musa said.

The public lecture with the theme, Global Economic Crisis, Capitalist Contradict-ion and the Current Economic Order, drew eminent scholars like Professor Esko Toyo, an emeritus Professor of Economics.

Prof Toyo said, while delivering his paper, that the current economic crisis which, the world has found itself in is a consequence to the greedy and antagonist competition of the capitalists.

"We have found ourselves in a situation where even human beings are sold and killed all in attempt to make money. Contrary to the belief and propositions of many economists, there is difference between self interest and selfish interest. Self interest is an inherent characteristic of all beings but selfish interest is what makes people to do anything provided they will amass capital and property. Capitalism is returning us to the era of slavery. The solution to the current crisis is the abolition of greediness and antagonistic competition in our economic systems", he said.

Earlier on in his remarks, the Head of ABU Business Administration Department, Dr Bashir Kurfi, said the lecture was organised by his departm-ent to contribute its academic quota in finding solution to the present global economic crisis.

Also speaking, the Vice Chancellor of the ABU, Professor Shehu Uthman Abdullahi, represented by the Director Institute of Administr-ation, Dr Nasiru Maiturare, urged all economic stakeholders in the country to face the present global economic realities with all the seriousness it deserves. Shehu said the universities and other professional institutions can be used in finding the way out for Nigeria.

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