The President Muhammadu Buhari-led administration’s quest to put the country on the part of economic prosperity will not be achieved without proper funding of research, education sector as well as stable and affordable electricity and transportation.
A Don at the Federal University of Technology, Akure, (FUTA), Professor Valentine Aletor stated this in Akure, at second Annual Lecture of the Association of Professional Bodies of Nigeria, (APBN) entitled, “Research and Innovation Versus Economic Diversification: Wither Nigeria”.
Prof Aletor said small and medium scale enterprises which employs 80% of jobless youths can not thrive in Nigeria with the current epileptic and unaffordable power supply, poor transportation system and uninterrupted Communications sector.
The Don who is a professor of Agricultural Biochemistry and Nutrition, bemoaned failure of successive governments in the country to give priority to adequate funding of agriculture, education and research.
He said countries like Ghana, Israel and the Asian tigers committed 30% of their resources to education and research for rapid growth as against Nigeria that had become a major ” buying and selling nation”.
Aletor noted that, ” While countries such as United Arab Emirate, Qatar, Malaysia, Japan have successfully transformed themselves into modern economy, Nigeria on the other hand, is still trying to develop. Its effects are what we experience today, most especially in the area of our infrastructural development”.
Earlier, the Ondo state chairman of APBN, Pastor Gboyega Akerele and his first Vice Chairman, Prince Adeyinka Adedire said the theme of the lecture was selected in view of the prevailing socioeconomic challenges facing the country and the need to appraise the diversification policy of the present administration.