Nigeria economy needs total re-organization, says NIM

Adeyinka Akintunde

A total re-organization and continued sound policies is urgently needed to revamp the Nigerian economy and return it to its enviable heights.

Professor Samuel Gowon Edoumiekumo, the Vice Chancellor of the Niger Delta University, Wlberforce Island, Bayelsa State, gave this submission on Tuesday at the 2019 Management Day lecture of the Nigerian Institute of Management (NIM) Chartered, which took place at the Management House, Victoria Island, Lagos.

According to Edoumiekumo, the excuse of political instability is weak as reasons for Nigeria’s stunted economic growth, seeing that Nigeria has enjoyed twenty years of unbroken democracy since 1999. He rather believes that a lack of clear national philosophy, weak institutions and preference of politics at the expense of education are major causes of the downfall of the economy.

Edoumiekumo said “The economy is not making progress because there is no clear national philosophy, so, there is no sense of direction. Nigeria should have a clear national philosophy for the citizens.

Speaking further, the Vice-Chancellor said “Nigeria has made strong people but not strong institutions. Some persons are stronger and more powerful than the institutions. The issue of corruption and insurgency to me are as a result of weak institutions.

Read Also: NIN is free, NIMC tells UTME candidates

“These days, communities celebrate corrupt people and ill-gotten wealth. Traditional institutions need to be strengthened. Insecurity is being experienced because of weak traditional systems. There are no longer values. Family values have broken down as a result of westernization.

Proposing a solution to the country’s economic challenge, Edoumiekumo said  “For the economy to grow, there must be consistency and continuity of sound economic policies. This issue of abandoning of sound policies and programmes that would have impacted on the economy positively leads

“The Nigerian economy requires re-organization. Implementing the report of the CONFAB will help redefine Nigeria, as that report was compiled by well-respected personalities from nearly every ethnic nationality. The wishes of the masses need to be respected.”

Earlier, the President, Nigeria Institute of Management (NIM), Prof. Olukunle Iyanda (FNIM) had celebrated Prof. Peter Drucker,  who is globally recognized as the “Father of modern management”, stressing that the Nigerian Institute of Management keeps “intensifying our effort to get this date recognized and accepted by the United Nations as “World Management Science Day”.

He appealed to the Federal Government to recognize the day as “such a support will provide a diplomatic leverage to our effort at the Institute.”