By Uzor Odigbo
Experts at the Global Leadership Summit and awards held in Lagos reflected on various challenges militating against the realisation of the potentials of Nigeria.
The event which basically took the form of a lecture was Themed “Nigeria Economy: Bridging the Productivity Gap With Resilience.”
The organiser of the event, Ms. Lola Adeshokan in her opening remark said: “To say that the economic life of professionals and businesses is highly threatened in Nigeria today is an understatement. but, like the saying goes, When the going gets tough, the tough gets going.
“Despite challenges of the time, we at the Search Light Media are ever determined to carry out our social responsibility, which is one of the events taking place today.”
Mr Abdulazeez Mukaila Babatunde who presented the first paper at the event spoke extensively on the present situation of the Nigeria Economy, the potentials, the efforts and challenges as well as a comparative analysis of the economy with other African countries.
He posited that “Nigeria’s national productivity growth rate is low due to infrastructural deficit, youth unemployment challenges, constant Labour strikes brain drain, corruption, insecurity and poor attitude to work.”
Mr. Babatunde noted that Nigeria has structural and institutional challenges that need to be addressed with over 90% of her export coming from oil.
“The largest economy in the continent ranks 18th in Africa in terms of per capita income. This is not only the result of sheer population size, but an indication of the prosperity (or lack of it thereof) of the population and contributions of the citizen to national wealth”.
He concluded that Nigeria needs to bridge the productivity gap in order to create wealth and to be able to compete globally and added that the challenges are significant, the opportunities are available and also that success is within reach.
There were remarks and good will messages from some of such big personalities at the event as Violet Olaitan Williams, Prince Segun Oduntan, Temilade Oluyemisi Ogunniyi, Theodora Nwaeze, Ovie Alaba Imonite, Eng. Mathew Alalade, Mrs. Rollens McFoy and others too.
The second paper was presented by Ovie Alaba Imonite. He looked at various subject matters in the economic mix.
Mr. Imonite x-rayed the current economic landscape of Nigeria and opined that “Nigeria should see resilience as the foundation for stability and growth. To boost the Nigerian economy and bridge the productivity gap, a resilient approach is key. Currently facing challenges like unemployment and inadequate infrastructure, Nigeria aims to enhance productivity for sustained growth. Resilience plays a vital role in navigating economic challenges and uncertainties.
“To bridge the productivity gap the Nigerian economy needs to focus on some key areas.”
He said economic diversification, infrastructure development, human capital investments, technology innovations, access to finance, governance and policy reforms, entreprenurship and innovations and global partnerships were key to restoring Nigeria’s pride in the commity of nation.
He noted that while the road to increased productivity is promising, challenges like resistance to change and external economic factors must be navigated.
“Through government initiatives, human capital investment, technology adoption, and a push for innovation, Nigeria should aim not just to overcome current economic challenges, but to be a competitive force globally. By focusing on resilience and implementing strategies in these key areas, Nigeria can bridge the productivity gap and create a more vibrant economy. The built-in resilience ensures adaptability, laying the foundation for a prosperous and sustainable future.”
