Fatimilehin: FG Should Channel Funds to Appropriate Sectors for Economic Growth

Fadekemi Ajakaiye

Gboyega Fatimilehin, the co-founder of Diya, Fatimilehin & Co. has stated that the major problem of Nigeria is lack of development planning.

He said this at a symposium that was held by his friends and associates to mark his 70th birthday. The theme of the symposium, which was held in Lagos recently. was, “Let Us Rebuild: Future Focused Solutions for Economic Growth”.

He stated that the government should endeavour to plan effectively and ensure that funds are channelled to appropriate sectors in order to have the desired effect and everyone will be happy for it.

He said the practical pathway to rebuilding is having a diversified income stream that will enrich the economy rather than its dependence on fossil fuels.

He stated that for  us to rebuild, we have to go back to the roots, have people with the understanding of development run the economy.  ‘We need to work on housing as it employs between 25 -30% of the populace,’ he said.

He mentioned that affordable homes is a must as this can only come alive when jobs are created.

He also stated that labour is so fluid that it can’t be curtailed except by giving incentives to make it stay. This can help reduce the ‘japa syndrome’.

Dr. Olusegun Mimiko,  the former governor of Ondo State, stated that “the theme is  very apt as we are still a poor country with GDP per capita of $1700, the worst among the LMICs.”

He mentioned that the  theme emphasises how the economy needs rebuilding which means that there are obvious signs of cracks and imminent collapse.

“One possession that we can convert to assets is our youth population, which is a demographic dividend. We must invest massively and deliberately  in the education and skills of our youths in order for them to fill up the demographic deficit in the Industrial North to be able to control the industry in the next century,’ he said.

“We must address the  issue of capacity and character deficit in government at both the political and bureaucratic levels as they’re major deficits that hamper development,” he said.

He mentioned that Investment in agriculture was key. “We must also invest in technology and incentify local professionals and businesses to grow,” he stated.

Other speakers also shared ideas and ensued discussions to help catalyze a transformational rebuild effort across the country.