A Nigerian Political Economist, Pat Utomi, has analysed the reason that Nigeria is still under developed despite her huge record of success around the world.
Utomi said the nation is not budgeting enough money for infrastructure, which he said is fundamental to the ability to create wealth.
He spoke as a Guest Speaker at a symposium to commemorate the installation of Hon. Ladi Adebutu as the Lisa Aje of Egbaland, held at Kuto, with the theme: “Public-Private Partnership For The Development of Ogun State.”
Utomi noted that the larger part of the nation’s budget is being spent on recurrent expenditure, with this, he advocated Public Private Partnership (PPP), adding that infrastructure must not be left in the hands of government alone.
He expressed worry that Nigeria had refused to develop despite taking all steps towards development.
He compared the nation to Singapore, which he said was once in the same condition as Nigeria.
According to him, there is nothing Singapore did that Nigeria has not done, yet the country remains in the same position.
“Where is the place of discipline in development? Where is the place of commitment? Singapore’s progress was significantly a result of forced-saving, that is saving money by force, ditto pension funds, ditto housing funds. Today, our money is disappearing from pension funds,” he said.
The new Lisa Of Egbaland, Oladipupo Adebutu opined that when a system failed it fails because of hunger.
He called for cooperation between government and private sector for rapid and sustainable socio-economic development.
“The days are gone when government can do it alone, massive resources are locked up everywhere now. Fortunately for us for the last few years when we have this issue of covid, people Lare looking for where to move that money. This the time we should say to the investors, bring your money and come and put it in Nigeria; bring your money and invest in Ogun.” He added