IN view of uncertainties surrounding the global economy, there is an urgent need to put up measures to buffer the nation’s economy for long-term sustainable growth.

The Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, made this submission in her keynote speech at the 2012 Isaac Moghalu Foundation lecture held in Lagos at the weekend.

According to Okonjo-Iweala, the countries that used to lead the development of the global economy can no longer do so, noting that the Eurozone’s economy is set to contract this year by 0.3 per cent while the USA will see a growth of only two per cent.

She added that other advanced countries would see their economies grow by half of the growth numbers in the 1990s and the early 2000s, while emerging markets like China and India were set to grow at their slowest pace in up to a decade.

“In the light of these developments, the central question before us is how do we buffer our economy in these uncertain times, and how do we diversify the economic base for long-term sustainable growth? Certainly, we need to look inwards to find ways to become more self-reliant,” she said.

The minister pointed out that there was also the need to pursue an active programme of economy diversification that focuses on sectors like agriculture, housing and construction, mining and others, stressing that as the downturn continues to unfold, unemployment rates were rising to unprecedented levels around the globe.

As a way forward, she suggested that education curriculum should be tailored towards the needs of the economy, adding that it should touch such strategic areas like infotech, human resources, technology, among others.

Okonjo-Iweala observed that research on Nigeria’s economic growth potentials identified skill gaps as a factor that keeps the economy from developing to its full potentials.

She identified the gaps as lack of technical skills in workers and a shortage of highly skilled professionals of international standard.

Comments (6)

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There can never be growth in Nigeria economy until we eradicate corruption in our system
written by Waheed Seriki (Canada), July 16, 2012

It was a wrong assumption that Nigeria has lack of technical skilss in workers and shortage of high skilled professionals of international standard that will enables Nigeria economy to be develop to its fullest. Most of our professional had been kicked out of the country due to corruption that is rampard in our system, and unconduceive working environment in the country. It was very unfortunate that Nigeria government does not allowed our professionals and highly skilled workers to exhibit their potentials in the country because of bad government policy and appointmnet of inefficent and incompetent people to manage the affairs of the state. The appointment of people into the public positions in Nigeria most of the time was not by merit. That is why most of our policy failed even before the implemntation. Many Nigerians professionals are doing well outside the country. They are also contributing tremendouslly to the social and economic development of the country that accomodate them, and knows their values.
Inadequate electricity is also major problem that is killing Nigeria development and prevents Nigeria economic tp grow to is fullest. If there is uniterrupted electricity supply in Nigeria, the economic will improve more than 50% within a year. Many private small scale business willl springs up and there will be more room for economic research. Also there will be less pressure on government to provides jobs for the citizens

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pharm
written by john doyle, July 16, 2012

I am surprise people can answer evil woman who is experimenting Imf policy on nigeria people

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mr
written by Be4me, July 16, 2012

I am surprised tat people in this country, likes of pharm will be so immature in responses to economic issues. Thanks seriki, at least you highlighted some key issues. I have not seen anything to learn from pharm's comment. it simply shows he is the evil man.
There's a saying that words are usually precede by thoughts. so you can't speak outside the content of your heart. whatever you say, is what you are.
Well, I believe that the esence of discourse is to make constructive suggestions, input to an idea, criticise ideas and policie, etc. But while criticizing, also put forward what alternative you think will be best suitable. so people can learn and be enlightened.
What will people learn from "evil woman" I think Nigeria should go past this phase.
Again change will not possible come overnight. Agreed it's frustrating, where we are right now. But we have been on point for the past 47years. even now.
It's high time we not only contribute possitively to discourses; but, also some times write open letter to the sates and national assemblies in ways we think we'll do better if adopted. Not to attack personality and office, making raging noise that are over stretched and give wrong signals.
God bless Nigeria.

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...
written by humane1, July 16, 2012

Okonjo-Iweala, this is strictly your fault. Due to corruption, when self-made elites fail in their duties, they seek to blame it on the lowly.

Your tenure has produced nothing but controversies. Now you're well-fed to the extent that you can see that we have no skill/standard.

Simply put......''Your fault!!''

Get your hold off Jonathan. Let someone else who understands our economy, step in and, if you're really serious about the changes you talk about recently, purge yourselves of the high-level corrupt practices cover-ups you keep effecting since your appointment.

Nigeria has skilled professionals of International standards in this country. When the condition is conducive, you'll marvel at their aspirations and what they'll achieve.

come up with new economy-boosting policies in favour of the nigerian worker and firmly enforce them. Put true smiles on worker's faces to really encourage them veer into the agric and mining you talked about. Showcase Nigeria to the international partners in better capacity than gross corruption. then wait for the results.

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Good Idea
written by omoade, July 16, 2012

From the comments seen on this page, one could conclude that some Nigerians just can't see and understand the awesome works that the finance minister is doing.

I have watched with keen interest the different proposal being churn out by Dr. Iweala. They are sound and strong. we must begin to appreciate people like Dr. Iweala trying to fix the economy.

The myriad of challenges facing this nation is sure not the fault of the minister. She met it there and she is trying all she could to ensure that things are brought back to normal. For that, I commend her strongly! Everyone should!

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Read Again
written by Joshy, July 16, 2012

Can someone read this report very well? this is one of the best proposal that Nigerian economy need at a time like this:


The minister pointed out that there was also the need to pursue an active programme of economy diversification that focuses on sectors like agriculture, housing and construction, mining and others, stressing that as the downturn continues to unfold, unemployment rates were rising to unprecedented levels around the globe.

As a way forward, she suggested that education curriculum should be tailored towards the needs of the economy, adding that it should touch such strategic areas like infotech, human resources, technology, among others.

Okonjo-Iweala observed that research on Nigeria’s economic growth potentials identified skill gaps as a factor that keeps the economy from developing to its full potentials.

She identified the gaps as lack of technical skills in workers and a shortage of highly skilled professionals of international standard.

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