‘Nigeria has potential for economic revolution’

FORMER Deputy Secretary-General of the United Nations, Lord Mallock Brown, on Tuesday said that an all round economic revolution was possible in Nigeria if the right steps were taken. 
   Lagos State governor, Babatunde Fashola, however likened economic development without good governance to building a house on quick sand.
  Brown expressed the optimism while speaking at the eighth yearly Business Law conference of the Nigerian Bar Association (NBA) in Lagos.

  He pointed out that Nigeria has the potential to become one of the greatest economies in the world, pointing out most global economic giants were not as blessed as the country.
  The former UN official however said there was need for the country to strengthen its institutions and demonstrate the right political commitment to drive its economic development.
  The theme of the two-day conference organised by the Business Law Section of the NBA was ‘’ Exemplary Governance: Enhancing Economic Development in Nigeria.
  Brown said: ‘‘when I was here in 2000, there was no cell phone in the country. I remember I had to step to next door in Benin to make phone call and now, there are about 130million cell phones in the country.
 “The liberalisation of the telecom sector in 2011,has led to an economic revolution in that sector. What that tells is the great economic potential of this country. It means with the right regulations and institutions, Nigeria can create an all-round economic revolution.”
  Brown said the recent rebasing of the country’s GDP, which highlighted the important sectors like the creative industry and telecommunication, spoke of the great possibilities of the country`s economy.
  The former Deputy Secretary-General said the country`s rebased GDP clearly showed the economy was not after all about oil and gas.
  He lauded the country`s seven per cent yearly GDP growth rate but stressed there was the need to take steps to translate growth to better living for the citizens.
  Urging the country to invest massively in education, as literacy was central to sustainable development, the former UN official also tasked the country to invest in infrastructural development, pointing out that no country developed with poor infrastructure.
 According to him, it is imperative for the country to tackle the problem of insecurity and put in place investment-friendly policies to attract investments into the country.
  In his keynote address, Fashola said development was a misnomer in the absence of good governance, urging Nigerians to show more interest in the political process by voting in elections to install good leadership.
  NBA president, Okey Wali canvassed the strengthening of the legal system to promote economic development pointing out that development had eluded Nigeria over the years because the laws had been rendered prostrate by successive governments.
  Wali said legal practitioners have a responsibility to promote the development of the country, advising them against acts that impeded the country`s progress.
source@guardiannews.com