Nigeria’s Economy Hopeful, Says Former UN Scribe

One time Deputy Secretary-General of the United Nations(UN), Lord Mallock Brown has said that an all round economic revolution is possible in Nigeria if the right steps were taken by those saddled with the responsibility to lead the country.

Mallock who spoke at the 8th Annual Business Law conference of the Nigerian Bar Association(NBA) in Lagos said Nigeria has potential to become one of the greatest economies in the world.

He pointed out that economic giants all over the world do not have the enormous resources that Nigeria is blessed with, adding that there is the need for Nigeria to strengthen institutions and demonstrate the right political commitment to drive her economic development.

Speaking on the theme, ” Exemplary Governance: Enhancing Economic Development in Nigeria, Brown recalled that there was no cell phone in the country few years ago.

”When I was here in 2000,there was no cell phone in the country,I remember I had to step to next door in Benin to make phone calls,and now ,there are about 130 million cell phones in the country .

“The liberalisation of the telecome sector in 2011,has led to an economic revolution in that sector. What that tells you is the great economic potential of this country. It means with the right regulations and institutions Nigeria can create an all-round an economic revolution“, he said.

Brown added that the recent rebasing of the country`s GDP which highlighted the contributions of important sectors like the creative industry and telecommunication speaks more of the great possibilities in Nigeria`s economy.

The former Deputy Secretary-General said the country`s rebased GDP clearly showed that the economy was not all about oil and gas.

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He praised the country`s 7per cent annual GDP growth rate but stressed there was the need to take steps translate growth to better lives for citizens. Brown urged the country to invest massively in education as literacy was central to sustainable development.

In his remarks, Speaker of the House of Representatives, Aminu Tambuwal said the various problems plaguing the country were surmountable.

Speaking through a legal practitioner, Mr Moyosore Onigbanjo,Tambuwal called for concerted efforts by Nigerians to make the country a better place.

In his key note address, Lagos State Governor, Mr. Babatunde Fashola said development was a misnomer in the absence of good governance.

He urged Nigerians to show more interest in the political process by voting in elections to instal good leadership. President of the NBA, Mr Okey Wali canvassed the need to strengthen the legal system to promote economic development.