Dr. Kingsley Chinedu Moghalu, deputy governor, Financial System Stability, Central Bank of Nigeria(CBN), has expressed regrets that Nigeria’s economic performance does not reflect its endowments.
Speaking during the weekend at a lecture he delivered at the Golden Jubilee Ceremony of the 1st Graduates of the University of Nigeria, Nsukka (UNN), Moghalu 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 has been rather weak and does not reflect the country,s economic performance.”
The CBN Deputy Governor averred that other emerging economies, in particular Malaysia, South Korea, China and India who were behind or at the same economic pace with Nigeria in terms of growth in industrial population in the 1960s and 1970s have transformed their economies.
According to him, these countries are not only far ahead of Nigeria but are major players in the world economy today.
” Between 2005-2010, 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,” he added.
The educational system in Nigeria, he said, faced enormous challenges “which need to be urgently addressed if the country must evolve into a knowledge economy and attain its goals of economic transformation.”
Professor Bartho Okolo, vice-chancellor of the UNN, in his remark said, that the 2013 Founders’ Day Celebration was unique, adding that some pessimists doubted the “need to for the establishment of UNN at the time of its founding.”