Business
Don Blames Nigeria’s Poor Economy On Failed Leadership
An elder statesman in Rivers State and emeritus Professor of Geodesy, Alabo Dagogo Fubara has attributed the present economic problems and recession faced by Nigerians to failed leadership and followership in the system.
He also opined that Nigeria should adopt technology-based economy to enhance engendering communal benevolence and empowerment for poverty reduction.
Fubara who made this know while interacting with a aviation correspondents at the Port Harcourt International Airport Omagwa on Thursday, noted that the richest industrial ventures before now were the international oil companies (IOC) but now, the richest one the technology industrial ventures.
“The root cause of Nigeria’s recession was not just only the drastic fall in crude oil price and attendant reduction in revenue, but actually failed leadership and followership.
“No nation has developed by solely dependent on export of raw materials as Nigeria is doing. We must go to technology based economy.
“The Nigerian economy is a “Feeding-Bottle” economy whereby, unlike any other nations in the world, all federating states and the FCT administration go to Abuja once in a month to drink from the “Feeding Bottle” called Federation Account.
“Most of the States are not viable economically, having jettisoned technology based Agriculture and industrialization which ought to feed the nation and reduce unemployment, in preference for dependence on crude Oil and Gas export revenue.
“Due to non-application of science and technology, over 40 per cent of our agricultural production is lost, while the nation depends on imported food.
“This is the only country where you make a man who does not have even a bicycle today, a Local Government Chairman, and within six months he has already bought some cars, built a big house and invites a Bishop or Imam to dedicate his newly acquired wealth.
The Opobo Chief and former Dean of Environmental Science in the now Rivers State University however urged those that want to be in leadership position to show good leadership character so as to move the nation’s economy forward.
He said that good and effective leader will relate and harmoniously interact with peers, subordinates and superiors through effective communication and collaboration with Justice and fair play.
Corlins Walter
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.