Posted by News Express | 19 November 2012 | 3,560 times
For rapid and sustained economic growth, Nigeria needs to focus on equipping its people, building strong institutions anchored on merit as well providing necessary infrastructure. This, in sum, was the message which CNN anchor and political economist, Dr. Fareed Zakaria, had for Nigerian leaders at the Airtel Night of Influence held at Eko Hotel & Suites, Lagos.
These areas, according to Zakaria, are bound to yield greater benefits for the country rather than focus on natural resources.
The presenter of Global Public Square (GPS) on Cable News Network, told a distinguished audience of eminent citizens last night that a high sense of optimism prevails in Africa with particular emphasis on Nigeria.
Zakaria spoke of a research over a 30-year period which shows that resource-rich countries that relied on natural resources fared worse than those that concentrated on building people and institutions.
He pointed to recent research that indicated the United States of America would soon emerge as the dominant producer of oil above Saudi Arabia based on application of technology as proof of the importance of people over resources.
Further research also indicated boom and bust cycles in the global economy. Zakaria stated that what the history of the last 30 years shows is the importance of strong institutions founded on merit as well as focus on people as the bedrock of growth and development of countries.
•Photo: Fareed Zakaria clutching his gift from Airtel with Airtel Nigeria CEO Rajan Swaroop and former President Chief Olusegun Obasanjo.
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