JUST FOR THE RECORDS…THE WEALTH AND POVERTY OF A NATION: WHO WILL RESTORE THE DIGNITY OF NIGERIA? – OBY EZEKWESILI (PART2)

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JUST FOR THE RECORDS…THE WEALTH AND POVERTY OF A NATION: WHO WILL RESTORE THE DIGNITY OF NIGERIA? – OBY EZEKWESILI (PART2) Oby-Ezekwesili

CONTINUED FROM LAST POST

While these countries moved up the manufacturing and economic development ladder in my fifty years of existence all I can say for Nigeria is that during the same period I have known at least five cycles of commodity booms that offered us rare opportunities to use revenues generated from oil to transform our economy. Sadly, each cycle ended up sliding us farther down the productivity ladder. The present cycle of boom of the 2010s is however much more vexing than the other four that happened in the 70s, 80s, 90s and 2000s. This is because we are still caught up in it even as I speak today and it is more egregious than the other periods in revealing that we learned absolutely nothing from the previous massive failures. Furthermore, it is happening back to back with the squandering of the significant sum of $45 Billion…

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