The situation in Nigeria beyond party politics

Former Nigerian President Olusegun Obasanjo said on Wednesday that the nation’s current degenerative situation is “beyond party politics and requires everyone to come under cover.” He said the country has lost its way in nation-building, insisting that: “As long as we don’t do well in nation-building, we won’t be able to do anything well in this country.” Mr. Obasanjo made the remarks as a special guest of honor at Babcock University’s 20th Undergraduate and 11th Graduate Convocation Conference. Guest speaker Kingsley Moghalu, former deputy governor of CBN, spoke on the subject; “Knowledge, vision, passion and innovation in the context of Nigeria’s development”. The event was held at the university amphitheater in Ilishan-Remo, Ogun State. Obasanjo noted that the situation in Nigeria has become so precarious that “no person can say that they have a solution to the problems.” Moghalu insists on innovation During his lecture, Mr. Moghalu pointed out that the solution to Nigeria’s dire economic situation and currency crisis is to increase innovation. He said such an intervention can “break the structural dependence of the Nigerian economy as one driven by imports and the consumer.” He said: “Innovation-driven economies remain competitive, adapting to the needs of the future, while natural resource dependent economies like ours risk being left behind by global and market trends and therefore , condemn our citizens to poverty. “Nigeria has a national policy on science, technology and innovation. The federal government has several agencies related to technology and innovation, but these public sector efforts have not produced any innovation-driven impact on the Nigerian economy.” Mr. Moghalu, who is now the President of the Institute for Governance and Economic Transformation (IGET), spoke about his presidential campaign in the 2019 elections and how he proposed the establishment of a seed capital fund of N500 billion for the innovation and business creation. , to be managed by the private sector. “For an innovation-driven economy to emerge in Nigeria, we must create a social consensus. Innovation and its practical applications should be popularized in society, and specific awareness of it as a main path for Nigeria’s development,” he added. knowledge society Moghalu also explained that “to secure our future as a country, Nigeria must increasingly become a knowledge society.” the United Nations Educational, Scientific and Cultural Organization (UNESCO) says that knowledge societies are those that have the ability to identify, produce, process, transform, disseminate and use information to build and apply knowledge for human development. Speaking further, Moghalu said that the richest countries in the world, such as Japan, Switzerland and South Korea, do not have natural resources, but they have the know-how to import natural resources from Nigeria to produce sophisticated products. He explained that countries have built a knowledge economy, defined “as one in which intellectual property – knowledge and information systems that drive an ever-increasing rate of scientific and technological advances – is the basis of production and services” . Moghalu also suggested restructuring as a solution for Nigeria’s economic development because the institutional arrangement in which most states rely on the federal government for allocations of natural resource revenues to pay workers’ wages and provide services commodities has had profoundly negative implications for the Nigerian economy. Read More Related News Here Let here it in the comment below if you do have an opinion on this; The situation in Nigeria beyond party politics