Nigeria’s $55bn GDP symbol of failure – Ezekwesili

Former Minister of Solid Minerals, Oby Ezekwesili has said the $530 billion recorded in Nigeria’s rebased Gross Domestic Product (GDP) is symbol of a failed economy.

She said the number, which was amassed for decades of economic activities, is only one-third of Nigeria economic capacity, and blamed the country’s leadership for failure to exploit the country’s full economic potentials.

Ezekwesili, who spoke yesterday at the third Policy Monitoring Dialogue Forum of the Savannah Centre for Diplomacy, Democracy, and Development (SCDDD) in Abuja, recommended economic governance and competitive fiscal federalism for Nigeria.

Citing the imminent replacement of crude oil with renewable power, automation and artificial intelligence in Nigeria’s western oil consumers, she warned that unless that there is new value reorientation in leadership in the country, the rest of the globe will leave the country behind.

“We must discuss function before structure. It is tragedy of monumental proportion that we seat in Nigeria to discuss about oil,” she said.

In his opening remark, the founder and chairman of SCDDD, Professor Ibrahim Gambari called on Acting President Yemi Osinbajo to widen the scope of the ongoing consultation with all segments of the country on the way forward.