The President Muhammadu Buhari-led administration’s quest to diversify the Nation’s and put the country on the economic prosperity will not be achieved without proper funding of research, education sector as well as stable and affordable electricity and transportation.
A Don at the Federal University of Technology, Akure, (FUTA), Professor Valentine Aletor stated this in Akure, the Ondo State Capital at second Annual Lecture of the Association of Professional Bodies of Nigeria, (APBN) entitled, “Research and Innovation Versus Economic Diversification: Wither Nigeria”.
Earlier, the Ondo state chairman of APBN, Pastor Gboyega Akerele and his first Vice Chairman, Prince Adeyinka Adedire had said the theme of the lecture was selected in view of the prevailing socioeconomic challenges facing the country and the need to appraise the Diversification policy of the present administration.
Prof Aletor who is the Pioneer Vice Chancellor of Elizade University, Ilara-Mokin, pointed out that there was no way small and medium scale enterprises that employed 80% of jobless youths could thrive in Nigeria with the current epileptic and unaffordable power supply, poor transportation system and interrupted Communications sector, while successive administrations had tactically injected funds to the development of small and medium businesses.
The Don who is a professor of Agricultural Biochemistry and Nutrition, bemoaned failure of governments in the country to give priority to adequate funding of agriculture, education and research, adding that countries like Ghana, Israel and Asian tigers committed 30% of their resources to education and research for rapid growth as against Nigeria that had become a major “buying and selling nation.”
Akerele noted that, “While countries such as United Arab Emirate, Qatar, Malaysia, Japan have successfully transformed themselves into modern economy, Nigeria is on the other hand still trying to develop. Its effects are what we experience today most especially in the area of our infrastructural development.”