Nigeria’s Economy is Weak, Says CBN Deputy Governor

Posted by African Examiner Business News, Featured, News Sunday, October 6th, 2013

Ignatius Okpara, Enugu

Deputy Governor, Central Bank of Nigeria (CBN), in charge of (Financial System Stability), Dr. Kingsley Chiedu Moghalu, has said that the nation’s economic performance has been rather weak.

He stated this Saturday in a lecture he delivered at the Golden Jubilee Ceremony of the pioneer Graduates of the University of Nigeria, Nsukka (UNN).

Moghalu, regretted that Nigeria’s economic performance does not reflect its endowments.

His words: ” With a population of 170 Million people, Nigeria is generously endowed with human, physical and natural resources.

“The country is ranked the 6th largest producer of crude oil and also has the 6th largest gas reserves in the world.

“It also has very significant reserves of solid minerals which remain undeveloped. The country is richly endowed with about 34 different types of solid minerals in commercial quantities in about 450 locations across the country.

The Deputy CBN governor said, ” Regrettably, Nigeria’s economic performance has been rather weak and does not reflect the country’s economic performance”.

He noted that other emerging economies, in particular Malaysia, South Korea, China and India who were behind or at the same economic pace with Nigeria in terms of growth in industrial population in the 1960s and 1970s have transformed their economies.

According to him, these countries are not only far ahead of Nigeria but are major players in the world economy today.

Said the lawyer turned Banker:” Between 2005-2010, the average growth in industrial production for China, India, Brazil and Malaysia was 16.0, 8.0, 3.6, and 2.5 percent, respectively while Nigeria recorded only 2.1 percent.”

On the present dwindling state of the nation’s educational sector, he said the situation ” needs to be urgently addressed if the country must evolve into a knowledge economy and attain its goals of economic transformation”.

In his speech, Professor Bartho Okolo, Vice chancellor (VC) of UNN, had stated that the 2013 Founders’ Day Celebration was unique, because it was the first time the university was recognising its 1st graduates.

The UNN boss had used the forum to call on wealthy and corporate organisations, as well as Alumnus of the institution to come to his administration’s financial aide.

Professor Okolo, who listed some ongoing capital projects embarked upon by his administration, said paucity of funds had remained one of his greatest challenges in delivering the goods.

He said though, despite all odds, his administration would continue to do its best in taking the premier university to the next level.

Highlight of the colourful event was presentation of souvenirs to the pioneer graduates who were members of the class of 1963.