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‘Nigeria’s GDP growth is meaningless without solving citizens’ problems’

We must fix Nigeria by adding value to our natural resources for global competitiveness and sustainable knowledge economy.

The Executive Secretary of the Tertiary Education Trust Fund, (TETFund), Prof Suleiman Bogoro, has noted that the country’s economy should translate into solving the problems of its citizens.

He said despite its place as Africa’s leading economy with a Gross Domestic Product, (GDP), projected to grow between 1.7 per cent and 2.0 per cent in 2021, its GDP is meaningless without solving the problems of its citizens.

Bogoro stated this while delivering a lecture at the 9th Convocation Ceremony of Veritas University, Abuja, with the theme: “Forging partnerships in the triple helix model and the drive for the institutionalisation of Nigeria’s Knowledge economy.”

According to him, the country must engage in problem-solving research and build a knowledge-based economy to ensure global competitiveness.

“Today investment in R&D is tomorrow’s sustainable revenue for the investing Nation. We cannot afford to waste more time reinventing the wheel when we can leverage innovations across the globe to fast-track development.

“The obvious reality is that nations across the world are closing borders due to the COVID-19 pandemic with underlying economic reasons. We must fix Nigeria by adding value to our natural resources for global competitiveness and sustainable knowledge economy,” he said

He said part of the problem is because there has not been adequate commitment of funds into research and development in the country and that partly accounts for the failure of research in the country.

Research funds inadequate

He added that despite periodically increasing the national research fund from N5 billion to N8.5 billion in 2021, the funds were still grossly inadequate.

Also speaking, the Chancellor of the university, Archbishop Ignatius Kaigama, expressed commitment that the university will continue to train students and equip them to develop self-confidence and become employers of labour,

He urged the graduands to remain focused and make the institution proud in their various fields of endeavor.

Vice Chancellor of the university, Prof. Hyacinth Ichoku, in his convocation address, said over the years, the institution laboured to equip the students morally and academically to prepare them for the world of work and further studies.

Earlier in a pre-convocation briefing, Ichoku disclosed that the university will award First-class certificates to 32 graduands among the 421 who have completed their course of studies and met all necessary requirements.

Ichoku noted that the university will commence the faculty of law as soon as approval is given by the National Universities Commission, NUC.


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