For a diversification anchored on sustainable basis, the Commissioner for Finance Lagos State, Dr. Mustapha Abiodun Akinkunmi, has called on the Federal Government to pursue investments in new mobile technologies, health care and education.
Government should also invest in export of creativity- music, movies and the written word, including trade and industry, rather than relying on oil, which uncertainty threw the country into multi-facetted difficulties presently.
Akinkumi, who made the observation at the graduation ceremony of the class of 2016 of the American University, in Adamawa State, over the weekend, reiterated that reliable power, security and a strong health system remain the catalyst for rapid growth, adding that human capital is the hope for the future of the Nigeria and Africa.
He further disclosed that Nigeria contributed almost half (48.5 per cent) of the total Community Levy payments of Units of Account (UA) made to ECOWAS in 2015, stressing that Nigeria can leapfrog from manufacturing to servicing.
He warned that now is no longer the time to depend on oil, as our result of that disposition is currently before all us in the country, but raised hope that “our economy will be better if our leaders invest on human capital development.”
“We must invest in services and Information Technology sector. Investment in lT industry will have multiplier effect on the government and the people.
“Nigeria is among the fastest developing country, but because we have spent more time on oil, we are now left behind. There is need for us to look inward for development,” he added.
To the graduating student, the finance commissioner tasked them on innovation, saying that there is need to create something that will add value.
“The inputs are there, and the market is right before you. You are blessed to be graduating in Nigeria, in ECOWAS, in Sub-Saharan Africa, the fastest growing economic region behind only Asia.
“Because I want you to see yourselves as the global future leaders not just leaders of this country. Innovation and science have a key role to play in answering many of our biggest multilateral challenges. I must emphasise that technology does not just mean information and communication technology – it is medical, agricultural technology,” he stated.
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