The Interview Editors
A development economist, Odilim Enwegbara, has said the 2.5 per cent Gross Domestic Product (GDP) growth recently announced by the National Bureau of Statistics is not enough for Nigeria as the largest economy in Africa.
The Nigerian economy he said should be growing at 12 per cent but that there was a serious problem because population growth is always higher than the GDP growth.
Odilim said, “GDP growth will continue to be sluggish until there is economic liberalisation and restructuring where all the regions are allowed to keep 50 per cent of the revenue they generate.
“Right now, every decision is made at the centre and states have to wait for decisions at the center. This creates gaps in the economy. We have to decide on the economic paradigm we want. Do we want an economy where the centre decides on everything from roads, hospitals and schools?
“The centre makes decisions based on political consideration. The problem is the north. We cannot continue to run an economy based on a feudalist system and the majority of senators and house members are beneficiaries of this feudalist system.”
Nobody, he said, would take responsibility for mismanagement of funds at the state and local government levels as long as everyone depends on the center.
Odilim also hinted he supported the candidacy of Atiku Abubakar in the last presidential election because the PDP candidate of open to ideas on decentralisation of the economy.
He said, “I put in months of work into the regionalisation of the Nigerian economy. The research I did on it remains in Atiku’s hands.”
On whether recession is now a thing of the past with the data announced by NBS growing the biggest growth since it happened, Odilim said; I cannot answer yes or no. I am appreciative of the border closure which had been undermining small businesses.
“The government made massive investment in agriculture leading Nigeria to surpass Egypt as the largest producer of rice in Africa. But security is still an issue. The judiciary is also a problem
“Nigeria needs private sector investment and it cannot get it until the judicial system is free and fair. When you are an investor and you don’t know the outcome of a judicial process, you won’t invest your money. You don’t need an investor to tell you that. Corruption in this country is massive”, he added.
