Nigeria Needs Reform To Attain Full Economic Potential Power

Director-General of Nigeria Employers’ Consultative Association,  NECA, Mr. Segun Osinowo, said until Nigeria addresses the basic issue of her political reform that focuses on devolution of power, resource control and fiscal federalism, we will not be able to realize the full potentials of whatever economic policies we are thinking of.

He went further saying, ‘We need to address the issue of each state given the power or allowed to control its resources to grow the state. By the time we do that, you will be amazed that all the agitation for state creation will reduce because the burden of state creation will be on all those agitating for it to make sure that the states generate revenue to survive.

States are not thinking of how they are going to contribute to the baking of the cake; rather, it is all about how to have a slice of the national cake, we need to really re-address that. The only way to do this is for us to say that within  a period of say five years, whatever anybody is able to generate in his state will be used to build infrastructure within his state’.

He pointed out that Lagos State generates over 75 per cent of the state revenue from Internally Generated Revenue (IGR). If the private sector in Lagos State should grind to a halt today, that will be the end of governance in the state.

The amount that the state governor will get from the federation account will be inadequate for him to continue to be a performing governor; in this case, the survival of the state government is tied to the survival of businesses in Lagos State.

NECA has been partnering some organisations on technical and vocational training programmes to empower Nigerians among others.

Talking about reform issues, He said that the current structure we are operating has been in existence since 1970s and there have been a lot of changes in our economy. Whether the public sector or the private sector, there is need for continuity in intellectual empowerment and eradication of laziness.

Nigeria Employers’ Consultative Association, NECA, has been a leading advocate for friendly environment for businesses to thrive in Nigeria