By Adejumo Kabir
Professor Abayomi Adebayo of Department of Economics has said that major challenges facing Nigeria development is strong national intuitions and policy framework to drive desire development.
He disclosed this to IFE CITY NEWS in an exclusive interview arguing that the existence of abundant local resources alongside poverty or recession does not mean the resources are actually insufficient but rather because our local resources are not effectively managed.
He said that the situation of Nigeria is a reflection of wrong national structure and policy framework as well as inability to harness resources.
“Nigeria is a country endowed with 44 known assets. Yet, there was a record of 38% unemployment rate in the quarter of 2017 mainly because of the inability of our rulers to prioritise the natural resources”, he said.
He added that the aforementioned are reasons why Nigerians are poor in the midst of abundant resources.
He therefore advised government to formulate good policies with strong institutions that can drive development.