IN giving a cautious nod to Nigeria’s economic recovery efforts, the International Monetary Fund highlighted again the inherent cords inhibiting the expected spurt in the economy. Despite modest, marginal gains, the global development agency identified dampeners to growth like infrastructure gap, low revenue mobilisation, weak governance and institutional weaknesses and banking sector fragility that effectively impede investment and income diversification.
There is still much work to be done. Way back in 2005 when the economy was in a better shape, the World Bank/IMF had forecast that the country needed to invest $20 billion each year for a decade to bridge its wide infrastructure gap; additionally, to reverse poverty, arrest unemployment and diversify export and revenue sources, it needed consistent annual double digit growth for 10 years. The country has not moved an inch towards realising these objectives.
State governments should follow suit: they should change their consumptive and dependent culture to one of self-reliance; states should reform their bureaucracies, accord topmost priority to rural development and compete for domestic and foreign investments and markets.
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