The underperformance of Nigeria’s economy, according to Dr Ajoritsedere Awosika, Chairman of Access Bank Plc, is due to “cumulative mismanagement”.
According to Vanguard, she said this while presenting at the Nigerian Institute of Management (Chartered) Annual Management Conference in Abuja, which was themed, “Managing the Impact of Global Recession: The Nigerian Peculiarity.”
She highlighted that governments at all levels must share some of the blame for the economy’s precarious state.
Dr Awosika noted that the COVID-19 outbreak could no longer be used as an excuse for the country’s poor performance, highlighting that the country was largely spared from the pandemic’s terrible impacts.
“In Nigeria, the two most recent recessions occurred in the year 2016 (which we quickly got out of) and 2020. While the 2016 recession was localized, 2020 was global”.
“Over the years due to economic mismanagement by the country’s leadership, it is obvious that the country is currently performing below its potentials because of cumulative mismanagement,” Mrs Awosika said.
She emphasized that the federal government needed the assistance of state and local governments to resuscitate the economy and increase productivity across the country.
In her opening remarks, Mrs Patience Anabor, President and Chairman of the Council of the Nigerian Institute of Management (Chartered), claimed that the drop in oil prices, combined with the COVID-19 epidemic, would plunge the country into a catastrophic economic recession in 2020, the worst since the 1980s.
She said, “Beyond the fact that recent COVID-19 pandemic induced recession, it is pertinent to note that the Nigerian economy has experienced a recession in the 1970s, 1980s and 1990s’.
‘’The economy has been susceptible to recession in the past because it over-relied on Federal Government revenue; over-depended on crude oil being majorly a mono (product) economy and import-dependent”.
“Although successive Nigerian governments have at different times, promised to diversify the economy, improve manufacturing/mining sectors, raise agricultural output, encourage foreign direct investment among others, there has not been any deliberate and sustained effort to pursue the strategic plan for growth to a conclusive end”.