Osinbajo made the assertion at the 2017/2018 50th Convocation Lecture of the University of Lagos on Monday in Lagos.According to him, the most crucial pillar of any government’s economic policy should be the improvement of human resource.
“Wealth creation options must include access to cheap credit. It must include job schemes for the unemployed and cash transfers to the most poor and vulnerable. According to him, a total of 60 per cent of the country’s GDP figures depends on oil. The oil sector itself contributed 10 to 12 per cent, while the rest is contributed by the non-oil sector.This, he said meant that the country’s economy rested on a tripod, with two of the three legs depending on highly volatile oil prices and production.
“However, our consumption was being met by import, and thus, though the GDP was going up, more people were going into poverty,’’ he said. He added that the combination of theft of public revenues, the consequent failure to invest in infrastructures and the largely rent seeking business class was what accounted for Nigeria’s current economic situation.
He noted that the current administration was on course to providing decent existence for the masses, with a view in improving infrastructure, just like it was also focusing on innovation and technology. “Today, we have all sorts of figures where our out-of-school children is in the range of 10 million and all of that. We understand the problem and when we talk about these children, we are talking about the primary school children and this is run by the states and the local governments..
He added that what this meant was that government would have to compel all the states of the federation to provide more resources for education as well as healthcare. “That is why we are currently looking at how to revamping teachers training. How do we ensure that our teachers are not just better trained in a particular way that is relevant, especially their digital requisite skills and those skills that are relevant for their immediate future,’’ he said.
vanguardngr Even with the monumental losses recorded by Nnpc and the refineries? You people are joking with heaven
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