At the fifth edition of Global Leadership Summit and awards organised by Global SEARCHLIGHT Media, stakeholders have called on Nigerians not to give up, but to be resilience on rebuilding the Nigerian economy.
The event which took place on Thursday at Airport Hotel in Ikeja, Lagos State reflected the current hardship face by Nigerians.
Speaking on the topic “Nigeria Economy: Bridging the Productivity Gap With Resilience”, Alhaji Babatunde Mukaila, the immediate past National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), spoke extensively with facts and figures on the present situation of the Nigeria economy, the potentials, the efforts and challenges as well as a comparative analysis of the economy with those of certain African Countries.
He posited 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”.
He 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. This is not only the result of sheer population size, but an indication of the prosperity (or lack of it thereof) of the population and contributions of the citizen to national wealth”.
He concluded by saying, Nigeria needs to bridge the productivity gap in order to create wealth and to be able to compete globally and added that the challenges are significant, the opportunities are available and also that success is within reach.
The second paper at the event was presented by Ovien Alaba Imonitie, he looked at various subject matters in the economic mix. He x-rayed the current economic landscape of Nigeria and opined that “Nigeria should see resilience as the foundation for stability and growth. “To boost the Nigerian economy and bridge the productivity gap, a resilient approach is key”. He noted that currently the country is facing challenges 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.
”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”, Imonitie said.
In her welcome address, Ms. Lola Adeshokan, Editor-in Chief of Global SEARCHLIGHT Magazine said though the economic life of professionals and businesses is highly threatened in Nigeria today, but, like the common saying goes, “When the going gets tough, the tough gets going”.
“Despite the challenges of the time, we at the Search Light Media are ever determined to carry out our social responsibilities, which is one of the events taking place today”, she said.
There were other remarks and goodwill messages from some of the personalities at the event such as Mrs Violet Olaitan Williams, who was Chairperson of the event, Prince Segun Oduntan, Temilade Oluyemisi Ogunniyi, Theodora Nwaeze, Ovie Alaba Imonite, Eng. Mathew Alalade, Mrs. Rollens McFoy and others
The highlight of the event was presentation of Global Citizen Achievers Award to Prince Segun Odutan, National Vice President of ANLCA, Alhaji Babatunde Mukaila, Hajia Bola Muse, Violet Olaitan Williams, Ovien Imonitie, Temilade Oluyemisi Ogunniyi, Theodora Nwaeze and others.
While Special Recognition awards for supporting the media outfit was conferred on Mrs. Rollens McFoy , Innocent Orok and Comrade Micheal Adetumi.
