UNIOSUN VC: On The Challenges Confronting Nigeria

Professor Labode Popoola, vice chancellor of Osun State University, has pointed some issues affecting the country’s economy which he identified over-dependence on mono product economy, lack of understanding about good leadership, poor business planning and management amongst others as some of the problems Nigeria is battling with.

Popoola, who explained this issues yesterday, in Lagos, while giving a lecture titled ‘’The Nigerian Business Climate: Challenges of an Under-exploited Economy’’ at the 2017 seminar and launch of a book, entitled: Law Hospitality and Tourism’’ written by Goodie Ibru, complained that the short sightedness and inability of the government and Nigerian business leaders to see beyond oil and tap into unexploited sectors of the economy.

According to him, the simplest things in Nigeria are often complicated by sentiments and wrong perceptions.

He said: ‘’Nigeria has an environment that is favored with expansive space of more than 92,300 kilometers. The strength of population and the basis for sustainable development is sadly often politically exploited with deleterious effects on the political-economy of the country.’’

According to him, there are indications that earnings from crude have been on the increase over the quarter of a century, in spite of sporadic oil slumps.

He said: ‘This ordinarily is expected to bring about more production, consumption, expanded human resources, capacity for innovation and investments, robust economy integration among others.

‘’However these indicators may be described as ‘coat of many colours’, implying huge opportunity for business and investigations to thrive in the country.’’

However, the celebrant Goodie Ibru, in his welcome address said it was sad that Nigeria was still over dependent on mono product. He, argued that if Nigeria had to diversify, tourism and hospitality should be the next industry to look into.

The keynote address was delivered by chief Victor Oyolu, Chairman, Capital Hotels Plc while a panel of discussants included Dr Remi Oni, Executive Director Corporate Banking Group, FBN Ltd: Mr Yomi Badejo Okusanya, Managing Director CMC (connect), and professor Joseph Abugu, Faculty of Law, University of Lagos.