Bismarck Rewane, the managing director and chief executive officer of Financial Derivatives Company Limited, has criticized Nigeria’s economic structure, blaming “suboptimality” and “poor use of resources” for its failure to realize its economic potential for six decades.
He made the remarks on Wednesday during a special episode of Channels Television about federalism and national development.
The economic expert recalled Nigeria’s strong economic standing when it first gained independence.
Cycle of four years
Rewane compared the delivery of infrastructure under military control to that under civilian control, stating that 95 percent of the world’s infrastructure was constructed under military control between 1970 and 1988.
Rewane attributed Nigeria’s four-year political cycle to its slowinfrastruktur growth since 1999.
“The four-year political cycle.” Politicians start focusing on re-election within two years, he explained.
This cycle, in his opinion, interferes with capital project execution and long-term economic planning.
Since 1999, there hasn’t been anything significant in the growth of gross capital or infrastructure, according to Rewane.
He urged Nigeria’s leaders to reevaluate their political and economic frameworks, noting that the country could only benefit from strategic planning and achieve sustainable growth.
Source: Channels TV
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