The way forward to the dwindling NIgeria economy was recently X-rayed at the Searchlight Global Leadership Summit held at the Airport Hotels, Ikeja last Thursday.
The event with theme “Nigeria Economy: Bridging the Productivity Gap With Resilience” according to the organizer is another way of the company to carry out their Social Responsibility to the society.
The Publisher of Searchlight Magazine, Ms. Lola Adesokan in her opening remark said “To say that the economic life of professionals and businesses is highly threatened in Nigeria today is an understatement. But, like the common saying goes, When the going gets tough, the tough gets going. Despite the challenges of the time, we at the SearchLight Media are ever determined to carry out our social responsibility, which is one of the events taking place today”.
During the presentation of papers, Alhaji Abdulazeez Mukaila Babatunde pointed out that Nigeria’s national productivity growth rate is low due to infrastructural deficit, unemployment and youth challenges, constant strike actions, brain drain, corruption, insecurity and poor worker’s attitude to work”.
Alhaji Mukaila noted that Nigeria has structural and institutional challenges that need to be addressed with over 90% of her export coming from oil. “The largest economy in the continent ranks 18th in Africa in terms of per capita income which according to him Is as a result of population size, but an indication of the prosperity or lack of it. The population and contributions of the citizen to national wealth”.
He concluded that Nigeria needs to bridge the productivity gap in order to create wealth and to be able to compete globally, he added that the challenges are significant, the opportunities are available and also that success is within reach.
On his part, Barrister, Ovien Imonitie Alaba in his presentation x-rayed the current economic landscape of Nigeria and opined that Nigeria should see resilience as the foundation for stability and growth in other boost the Nigerian economy and bridge the productivity gap, a resilient approach is key.
He said the economic challenges currently facing the nation, like unemployment and inadequate infrastructure, Nigeria aims to enhance productivity for sustained growth. Resilience plays a vital role in navigating economic challenges and uncertainties.
To bridge the productivity gap, the Nigerian economy needs to focus on some key areas”. These areas he enumerated as diversification, infrastructure development, human capital investments, technology innovations, access to finance, governance and policy reforms, entreprenurship and innovations and global partnerships.
He noted that, while the road to increased productivity is promising, challenges like resistance to change and external economic factors must be navigated. Effective mitigation plans are essential for success and resilience.
Barrister Imonite concluded that ” Through government initiatives, human capital investment, technology adoption, and a push for innovation, Nigeria should aim not just to overcome current economic challenges, but to be a competitive force globally. By focusing on resilience and implementing strategies in these key areas, Nigeria can bridge the productivity gap and create a more vibrant economy. The built-in resilience ensures adaptability, laying the foundation for a prosperous and sustainable future”.
Apart from the paper presentations, they were remarks from other notable participants such as Hon. Violet Olaitan Williams, Mrs Rollens MacFoy, and a host of others.
This year event also saw the publishers of Searchlight Magazine honoring some personalities with its “Global Searchlight Citizens Achievers Award” for their various contributions to the development of the maritime industry in NIgeria. Amongst the recipients of the award are; Hajia Bola Muse, Prince Segun Oduntan, Alhaji Abdulazeez Mukaila Babatunde, Mr Innocent Nsikak Orok.
Others are Mrs Temilade Oluyemisi Ogunniyi, Mrs Theodora Nwaeze, Barrister Ovie Alaba Imonite, Comrade Michael Adetumi and Mrs. Rollens MacFoy.
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