The president of Nigeria Economic Society, Prof. Tamunopriye J. Agiobenebo has said the recent closure of land borders in the country by the Federal Government will be a blessing to the country on the long run.
Speaking at a press conference to kick start the society 60th annual conference series in Abuja, Prof. Agiobenebo said “If we try to eat what we produce that closure of the border will become a long run blessing.”
He said border closure would make the country look inwards and efficiently utilise available resources.
He added that activating the southern ports which are idle will not only reduce the Apapa gridlock but also create jobs, “If you decentralize and activate them, Port Harcourt port alone will give you 6000 direct jobs.”
He said the theme of the September 16th to 18th conference holding in Abuja “Economic policies and the quality of life in Africa” seek to look at how Africa and by extension Nigeria have articulated and implemented polices after over five decades of independence.
“There should be a new indices for development, for polices outcome and quality of life. Fortunately, metrics measures have been developed for it, and we will see where we are, where we should have been and what are the missing links, what must do to fast track to where we should be,” he said.
Prof. Agiobenebo explained that the discovery of oil would have changed Nigeria’s development narrative but was hindered by wrong incentives, “Sharing mentality”.
He said “This sharing mentality does one thing; for the states that are not having any cost but going to Abuja to share. Their marginal cost is zero. The condition for equilibrium in economics is marginal cost equals marginal benefit. If marginal”.
He added that oil is not the only assets as there are “34 proven commercial solid minerals and precious stones” in Nigeria.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
