Underdevelopment: Nigeria ignored lessons of economic history–Ajayi

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Dr Bunmi Ajayi, the Chairman, Board of Governors, Baptist College of Theology (BCT), says Nigeria’s underdevelopment is a result of disobedience to the lessons of economic history.

He said this on the sidelines of the ongoing 40th Anniversary of Baptist College of Theology(BCT) in Oyo area.

The News Agency of Nigeria (NAN) reports that the college was established on Sept. 30, 1977 as a degree awarding institution and an affiliate of the Nigerian Baptist Theological Seminary (NBTS), Ogbomoso.

NAN reports that the week-long anniversary, which commenced on Sunday, would end on Saturday.

Ajayi said that the country could only overcome its economic challenges if it obeyed the lessons of economic history.



He said: “ Every country started in agriculture. As a result of surplus in agriculture, they started industries to process agricultural produce.

“ The service industry also came on board to service both agriculture and industries.

“The service sector has now grown in Nigeria with the primary and secondary no more there, what do they have to service?’’

He stated that he had once predicted that the Nigeria Stock Exchange market would collapse and it happened.



Ajayi said the NSE and banks are service industries expected to service the primary and secondary sectors of the economy, adding that agriculture and the real sector were no more there to be serviced.

“The service industries that are suppose to service agriculture and industries are now servicing telecom companies and other companies,’’ he said.

The professional town planner stated that government needed to put more money and efforts in agriculture to revive the industries and return the economy back on track.

Reacting to the agitations for disintegration, he stated that there was no more love among Nigerians.

“We have a geographical entity called Nigeria but no human beings called Nigerians. On their passports they are called Nigerians but they have their first loyalty to their hometown and tribe .

“Maybe the only person that has loyalty to Nigeria is former President Olusegun Obasanjo,’’ he said.

Rev. Bosun Oladejo, the Rector of the institution, said the reason for agitation was injustice and inequitable distribution of resources.

“There is no doubt that resources are not evenly and equitably distributed. Our leaders are not distributing the resources appropriately with recourse to the source.

“A lot of our people are not properly educated. People are hungry and hungry people are angry people,’’ he said.

Oladejo said that the church was playing its role and would need to do more in empowering members so that there would be opportunity for them to meet the essential needs of life.

“ If we can assist them in our little way at least to get what to eat, drink and a place to sleep, it will contribute to the economy of the state and Nigeria,’’ he said.

He stated that with justice in the distribution of resources, there would be reduction in agitation. (NAN)

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