Economic data under Jonathan’s regime, a FAUX.  -World Bank. 


A world bank consultant, Olu Ajakaiye, has disclosed that the economic data during Jonathan’s administration is not real adding that the government should not leave economic development to the market. 

According to world bank consultant and the president of the Nigeria Economic Society, Olu Ajakaiye, who disclosed that the economic uplift recorded from 2010 to 2014 during the past regime was a fake. 

He further added that the present government and future Nigerian government must improve the society even if it means robbing other nations. 

Ajakaiye, who is an important speaker at the 2017 edition of the Bullion lecture organized by Centre for financial journalism, stated several developed countries have robbed other nations to development. 

He said that the government must not allow the market to handle development of the society but to align all instruments, policies, variables and positions to path way for development. 

He said:

“Let us therefore not be under any illusion and say the market will do it. They have to make sure they provide the market, whatever it takes, including stealing from other countries,” he said.

“The developed systems that we have now were as a result of resources taken from here, and they are ahead. Their government didn’t say we would be nice guys, we would not go and steal.

“They carried our people, young people, valuable people, and they now established the first world.”

Ajakaiye anatomised the Economic Recovery Growth Plan (ERGP) of Buhari’s administration and remarked it as a great plan if well carried out and properly financed to meet its target. 

According to the development economics specialist, the ERGP has outlined 21 lucent agendas with 60 strategies and 365 important activities which has been delegated to top agencies in both the public and private sectors. 

He disclosed that N75.03 trillion wil be required to successfully carry out the program which has a three hear span from 2017 to 2020. 

“When the economy was growing in a fictitious way — I regarded the growth of 2010 to 2014 as fictitious. Why is it fictitious, it is growth that is driven by government just deploying oil revenue into the economy.

“The structure remained dis-articulated and we are actually deceiving ourselves in a very interesting way by saying the economy leaped-frog, we have now got to a stage where we are arrived, because in advanced countries, service sector is now dominant.

“They call it tertiarisation of the economy. Our economy was prematurely tertiarised, and this was the harbinger of poverty.

“I always tell people, when you go to Europe where their economy is already tertiarised, do you see anybody running after you in traffic to sell you recharge card? Do you see anybody hanging pure water in front of you? Do you see people running 140? That is our tertiarised service sector.”

He added that the government must lead the private sector investors into funding the plan. 

Others in the forum included former commissioner for information and communication in Rivers State, Ibim Semenitari, a financial consultant, Biodun Adedipe, and chairmanofnthe Nigeria Economic Society Group, Bukar Kyari. 

They all enjoined the federal government to fully concentrate on the implementation of the  EGRP and ignore upcoming elections. 

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