Economic Struggles: Agbakoba Labels Nigeria As A Lazy Economy

Economic Struggles: Agbakoba Labels Nigeria As A Lazy Economy....KINDLY READ THE FULL STORY HERE▶

Dr. Olisa Agbakoba, former President of the Nigerian Bar Association, has attributed Nigeria’s economic hardships to a lack of productivity. Contrary to the perception of Nigeria as a lazy economy, Agbakoba emphasized that the issue lies in the country’s insufficient production, leading to adverse effects on the cost of living……..CONTINUE READING

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In an interview with Control TV, monitored by Vanguard, Agbakoba criticized the economic strategy of the President Bola Tinubu-led administration. He argued that the focus should shift from the numeric value of the naira to the dollar to the productive value, highlighting the importance of producing goods and services for economic sustainability.

According to Agbakoba, the core problem is the country’s failure to produce, leaving little to sell. With a heavy reliance on oil, which provides limited revenue, he stressed the urgent need to diversify and expand the economy. He urged the federal government to explore various sectors, including the creative industry and legal services, as potential contributors to the Gross Domestic Product (GDP).

Agbakoba pointed out the negligence of sectors like the creative industry in Nigeria, contrasting it with the United Kingdom, where legal services contribute significantly to the GDP. He called for a strategic approach to correct this imbalance, emphasizing the importance of increasing productivity across various sectors.

Highlighting the challenges of insecurity, particularly in the North affecting agriculture, Agbakoba emphasized the need for a multifaceted strategy to address the complex issues hindering economic growth.

In conclusion, Agbakoba criticized the prevalent perception of an easy way to make money without hard work, citing instances of alleged financial misconduct and emphasizing the necessity of a robust strategy for economic growth that encourages productivity.

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Source: Bushradiogist