Inefficient Resource Allocation, Mgt Bane Of Low GDP Growth – Aganga

Nigeria’s low growth in gross domestic product(GDP) has been blamed on lack of efficient allocation and management of the nation’s abundant human and natural resources.
The Minister of Trade and Investment, Mr. Olusegun Aganga, stated this during a convocation lecture titled: “Resource Management and National Development,” at the University of Uyo at the weekend.

?Aganga noted that almost three years after the formulation of the Nigeria’s Vision 20.2020 Economic Blueprint, the country’s GDP was still growing at about 7 per cent due to inefficient allocation and management of the nation’s resources.

?According to him: “ It is expected that based on the implementation of the Vision 20.2020 Economic Blueprint, which again goes to the root of resource management, the nation’s GDP should be growing at about 14? per cent per annum, from 2010 to 2020, to realise this vision.

“The unfortunate truth of the matter is that almost three years after the formulation of that plan, the economy is still growing at about 7 per cent largely because of? persistent inefficiency in resource allocation and? management.”
He said that it was lamentable that despite Nigeria’s vast? human and natural resources, the country was yet to achieve the desired economic growth and development.

? “ Nigeria is blessed with the right mix of human and natural resources needed to earn it a place among the top 20 economies in the world in less than nine years.With a population of over 150million people, 80 million hectares of arable land, about 33 solid minerals in commercial quantities in 450 locations in the country, eight largest gas oil producing nation? , Nigeria definitely has all it takes to achieve sustainable growth and development,’’Aganga added.

? “It is common knowledge that the highest aim of government activities is to seek the best welfare of its people. Ironically, despite its vast resources, significant oil wealth in over 50 years and various activities geared towards development, it may not be appropriate to refer to the modest growth recorded in the Nigerian economy over the years as development. Despite the fact that every national and regional development plan since independence has centred on translating this resource advantage into sustainable growth and enhanced living standards , the nation has not? been able to realise this important dream,” he lamented .

? He , however, stated that with? the implementation of the transformation agenda of the current administration, Nigeria was on the? right path to economic growth and development.
?“Without good resource management, and commitment to the continuity of economic reforms, a developing economy like Nigeria’s may only be moving in circles. Countries that have managed? their economies such as Singapore to China , clearly have three things in common. They have visionary and pragmatic leaders; share some common core values and ensure the continuity of sound economic policies.

“While economic growth can be measured nominally by an increase in a country’s GDP, the most accurate index for measuring development is the Human Development Index, which in turn, is a comparative measure of life expectancy , literacy, education and standards of living for countries. These are the areas that we to focus as a country to translate what some people have termed statistical growth into sustained economic development,”he added.