Global Searchlight Summit X-Rays Nigeria’s Collapsing Economy
Stakeholders at the 5th Global Leadership Summit and Awards, have identified the challenges affecting the nation’s declining economy with a view of finding lasting solutions to the quagmires.
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The summit put together by Global Searchlight Magazine as part of its commitment to upholding its social duty, has “Nigeria Economy: Bridging the Productivity Gap With Resilience” as the theme of the event, which took place recently in Lagos.
In his paper presentation, Alhaji Abdulazeez Babatunde Mikhail , Managing Director, Mickkey Excellency Nigeria Limited, highlighted several factors that contribute to Nigeria’s low national productivity growth rate, including the country’s inadequate infrastructure, issues with youth unemployment and strikes, brain drain, corruption, insecurity, and unsatisfactory work habits.
Alhaji Mikhail, a former General Secretary Association of Nigeria Licensed Customs Agents (ANLCA) mentioned that, with over 90% of its exports originating on oil, Nigeria has institutional and structural issues that need to be resolved.
The award winning freight agent said “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”.
In his view, Nigeria must close the productivity gap in order to generate wealth and be competitive on a global scale. He also noted that success is attainable despite the fact that there are substantial obstacles to overcome and possibilities to seize.
The second speaker, Barrister Imonitie Alaba, examined the state of Nigeria’s economy and expressed the opinion that, in order to strengthen the country’s economy and close the productivity gap, resilience should be seen as the cornerstone of stability and growth.
He also emphasized that Nigeria wants to increase productivity in order to achieve sustainable growth, given the economic difficulties the country is now facing, such as high unemployment and poor infrastructure. In order to navigate the uncertainties and challenges of the economy, resilience is essential.
He continued by saying that the Nigerian economy must prioritize a number of important areas in order to close the productivity gap, including diversification, infrastructure development, investments in human capital, technological advancements, financing accessibility, governance and policy reforms, entrepreneurship and innovation, and international partnerships.
But even while the path to higher productivity is bright, he pointed out that obstacles like change aversion and outside economic forces need to be overcome. Plans for effective mitigation are necessary for resilience and success.
“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”. He said.
In her welcome remarks, Searchlight Magazine Publisher Lola Adesokan stated that Searchlight Media is committed to fulfilling its social responsibilities even in these difficult times.
“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”.
She further gave gratitude to God and everyone who has supported her since the Summit’s inaugural edition.
This year’s event also saw the Searchlight Magazine publishers honouring a few individuals with the “Global Searchlight Citizens Achievers Award” in recognition of their numerous contributions to the growth of Nigeria’s maritime sector.
Hajia Bola Muse, Prince Segun Oduntan, Alhaji Abdulazeez Mukaila Babatunde, and Mr. Innocent Nsikak Orok were among the awardees.
Others are Barrister Alaba Imonite, Mrs. Temilade Oluyemisi Ogunniyi, Mrs. Theodora Nwaeze, Comrade Michael Adetumi, and Mrs. Rollens MacFoy.
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