Dputy Governor of the Central Bank of Nigeria (CBN), Dr. Kingsley Moghalu has said that the economic performance of the country is weak. He made the statement whilst delivering a lecture to the pioneer graduates of the University of Nigeria Nsukka (UNN).
He said, “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.
“Regrettably, Nigeria’s economic performance had been rather weak and does not reflect the country’s economic performance,” he stated.
He said countries like Malaysia, South Korea, China and India which had the same level of economic growth with Nigeria in the 1960’s had since left Nigeria behind in terms of industrialization.
According to him, “these countries are not only far ahead of Nigeria but are major players in world economy today.
“Between 2005 and 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 state of the nation’s educational sector, he said the sector“ needs to be urgently addressed if the country must evolve into a knowledge economy and attain its goals of economic transformation.”
However in a separate speech, the coordinating minister of economics, Dr. Okonjo Iweala has said that the economy is performing well and challenged anyone with an alternate view to debate her on the issue.
She made the call whilst speaking at Independence Anniversary lecture organized by the Lagos Chamber of Commerce and Industry (LCCI) last weekend.
“The micro economy is stable, the economy is doing well. We may experience cash flow problem, that does not mean the economy is in problem. Nigeria is an asset rich country and its economy remains strong. If we are not doing well, people will not be coming to invest in the country,” she said.
“We are not an island. Some of the problems we are facing are not strange. Even South Africa is battling with unemployment, and the government is fighting hard to salvage the situation. We are progressing and developing. There are a lot of emotional statements doing the rounds. Some people are saying Nigeria’s economy is comatose. If the economy is comatose, where did Dangote see money to invest in refinery? If the economy is comatose, the private sector would be carrying placards by now,” she said.
Those who affirm that the Nigerian economy is in trouble are either mischivebious or ignorant of the situation on ground. All we are hearing and seeing now is just plain politics. People who are confused.