According to him, Nigerian political elites, technocrats and other leaders of thought need to have a deep philosophical retrospection of how the country’s economy has dipped in the last 40 years.
He said the root cause of Nigeria’s problems started 44 years ago, July 25, 1980, to be precise, when the exchange rate was 80 kobo to $1.He said that 40 years ago, the key reason for economic growth was that Nigeria was a net exporter of refined petroleum products, but today, the country imports all refined petroleum products.
“Volkswagen cars were manufactured in Lagos, Leyland and ANAMMCO produced trucks/buses in Ibadan and Enugu respectively,” he said. “Travelers were mainly flying the Nigeria Airways across the world, which was about the biggest in Africa at the time.
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‘Research investment key to Nigeria’s socio-economic growth’The Vice Chancellor (VC) of Osun State University (UNIOSUN), Prof. Odunayo Clement Adebooye, yesterday, said investment in research by government and relevant stakeholders is critical to the socio-economic development of the nation.
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