The Chairman of Bresson AS, Mr. Gbenga Olawepo-Hashim says that Nigeria would overcome her current socio-economic and political challenges and come out with sterling prospects.
Speaking at a Public Lecture held at the Post Graduate College, Obafemi Awolowo University (OAU), Ile-Ife, Olawepo-Hashim reasoned that with collective steadfastness, Nigeria would be out of the woods.
He further argued that the agenda was possible not only for the overall development of the nation, but also for the transformation of generations yet unborn.
At the event chaired by the Vice-Chancellor of OAU, Prof. Eyitope Ogunbodede, Olawepo-Hashim observed that although slight progress had been made since the advent of democracy in the country between 1999-2015, Nigeria still remained “Underdeveloped” by regular classification, which brings the question of an “Agenda for all-round National Development,” topical and germane.
According to him, “With 62% of the population living below $2 a day and considered poor; with life expectancy of 51 years, and over 40% illiterate population; bedeviled with a parlous infrastructure such as poor electricity distribution, poor road networks, and dilapidated health infrastructure, the underdevelopment profile was in bad relief.”
Olawepo-Hashim further stated that by the sheer nature of superiority of democracy over autocracy, Nigeria recorded little gains between 1999 and 2015 and that such gains were almost completely wiped off from 2015 – July-2016 when the nation’s economy started contraction, leading to her worst economic recession of 2.4% in 25 years.
“I remain optimistic about Nigerian development trajectory when we tap and build on the energy, creativity, imagination and the industry of everyday Nigerian, which is the most important asset that Nigeria possess beyond her Oil wealth and Natural resources,” he told the predominant academic audience.
Olawepo-Hashim praised the nation’s resourceful Diaspora community comprised of scientists, intelligentsia, innovators, professionals, footballers, and entrepreneurs that were adding golden pages to the Nigeria rising story.
“In 2013 foreign remittances picked as much as 21 billion dollars to Nigeria, mostly coming from the Nigeria diaspora. The diaspora community will continue to form a major pillar in the architecture of Nigerian Socio-economic development,” he stated adding, “The crisis of Nigeria underdevelopment as we have highlighted above can only be confronted and resolved with a bold agenda and plan aimed at changing the present economy structure of dependence-it must be revolutionary.”
Olawepo-Hashim called for a New Nigeria Economic Plan that would transform the Nigerian agrarian economy to a manufacturing one as well as change it from an economy that was based on production of primary products. FBS records that currently, manufacturing accounts for 9.43% of Nigeria GDP while it provides as low as 0.3% of employment.
“Transferring the economy to a manufacturing will entail a number of policy incentives, such as creating a fiscal environment and collaborative monetary policy that will allow promoters of manufacturing concerns to accessing finance at single digit rate, ensuring available power to reduce manufacturers’ energy costs.
“Ultimately, Nigeria needs to grow the manufacturing sector in such a way that it will account for 30-40% of her GDP and be a major employer of labour. China is already an example of how an agrarian economy can be transformed into a manufacturing economy. As at 2015, manufacturing accounts for 40% of GDP of China. As at 2005, the manufacturing sector was also responsible for 11% of total employment. In India, the Industrial Sector accounts for robust 25% of GDI,” he stressed.
In attendance at the Public Lecture were the Provost of the Post Graduate College, Prof. Gbenga Alebiowu; Chairman of the event Local Organising Committee, Prof. P.A. Olomola; members of the Board of Post graduate School and a host of distinguished personalities, professionals, and politicians in Olawepo-Hashim’s entourage.
