Corruption, its ravaging effect and lack of executive capacity of the government to deal with it have been identified as the greatest challenge to Nigeria’s economic development.
Dr. Boniface Chizea, a former banker and renowned economist made this declaration in an exclusive interview with The Next Edition.
He said unless the problems identified were solved, the nation’s economy would not grow.
“The greatest challenge of growing the Nigerian economy is the ravaging effect of corruption which has resulted in humongous misappropriation of fiscal allocation. There is also the problem of lack of executive capacity and shortermism which means that most people in government cannot think beyond the next election,” he said.
According to him, the lack of discipline and patience in the implementation of development plans is traceable to the orientation of shortermism.
Dr. Chizea noted that in order to beat corruption, “we must find the resolve to ensure every kobo of fiscal expenditure counts.”
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To do this, he said, “We must find the political will to show some examples with identified looters of the economy by ensuring that they have their date with justice.
“It is about time some powerful message is sent to the extent that some people are sent to jail for crimes they perpetrated in the past.”
He opined however, that “the credibility of the fight against corruption would be enhanced if those being accused are not individuals from the opposition party.
He added: “The reality of the situation is that most of the key players in government today cross carpeted from the opposition Peoples Democratic Party.”
On why the majority of Nigerians are not feeling the impact of the nation’s exit from recession, Dr. Chizea pointed out that the population was growing faster than the GDP.
His words: “A situation whereby the population is growing at close to three per cent per annum and we are recording a growth rate which is still below two per cent explains why the impact of the exit from recession is not being felt by the generality of the population.”
