Chairman, Senate Committee on Local Content, Senator Solomon Adeola (APC, Lagos West) has advocated adherence to the rule of law, political restructuring and infrastructural development as way forward for economic development in Nigeria.
In a paper he delivered in London at the 5th UK Zonal Accountants Conference with the theme: “Building Tomorrow’s Africa Today: Nigeria in Focus” over the weekend, Adeola said Nigeria needed to maximise its position as the largest economy in Africa and the 21st largest in the world for the benefit of its people. He added that, at the moment, the size of the nation’s economy has not impacted on the majority of Nigerians due to factors of infrastructure decay, weak institutions of government as well as a lopsided federation, with power concentrated at the centre.
The senator, a Fellow of the Institute of Chartered Accountants of Nigeria(ICAN) said if various impediments bedeviling our education, agriculture and power sectors are vigorously tackled, Nigeria will be “well on her way to becoming not only the largest economy in Africa but one of the most developed with attendant benefits for its people”. “Modern and efficient infrastructure is key to economic development.
Unfortunately, energy, transportation, Internet costs in Africa are among the highest in the world “This lack of infrastructure makes it difficult for African markets to grow substantially. It also inhibits companies, including those in the United States from accessing these markets” he stated.
