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Why Nigeria has not developed – CBN

People waving at Gov.Isa Yuguda of Bauch State during official launch of 83km Alkaleri-Futuk road in Alkaleri Lga of Bauchi State recently.

ABEOKUTA — The Central Bank of Nigeria, CBN, has said high level corruption, inadequate infrastructure and rising  unemployment, among others, in the country have been the bane of development.

The CBN also stated that in spite of the  impressive macro-economic performance, it has failed to translate to development.

People waving at Gov.Isa Yuguda of Bauch State during official launch of 83km Alkaleri-Futuk road in Alkaleri Lga of Bauchi State recently.

The Deputy? Governor (Operation), Mr. Tunde Lemo  stated this in his speech presented, weekend,  at Egba Economic Summit in Abeokuta,  the OgunState capital.

According to Lemo, the CBN had intervened in the challenges by providing N300 billion power and airline intervention fund and another N200 billion commercial agriculture  credit scheme with a view to boosting the economy.

He, however, lamented that despite the efforts to improve the economy the statistics of unemployment was alarming, saying,  “four million Nigerians  enter labour market annually.

“In spite of the impressive macro economic performance,  it did not translate into development as unemployment is still huge.

“The challenges are that Nigeria’s development is over-dependent on oil, with high inflation, huge import bills, and high level corruption.

“National unemployment statistics shows that the population size is 164 million and people between 15 and 35 years are 60 per cent while youth unemployment of Nigeria workforce is 30 per cent.

“Unemployment in rural areas is 23 per cent and unemployment in urban areas is 17 per cent,  unemployment growth rate  per annum is 16 per cent.”

Meantime, the CBN has said the Ogun State revenue profile stood at N200 billion, saying the state got 67 per cent as statutory allocation from the Federal Government while the Internally  Generated Revenue contributes 33 per cent.

It stated that Ogun  State is the 16th  most populous state and ran 100 per cent non?oil economy.

According to the Deputy Governor of the CBN,  OgunState  ranked  9th in terms of Gross Domestic Product  in the country and 5th in South West  in terms of the number of states with macro small medium enterprises.

“In spite of the  rich endowments, the state  has, however, not attained  the desired level of economic development,” he said.

Anthony-Claret Onwutalobi
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC and CEO of Portia Web Solutions. Mr. Claret publishes and manages the content on Codewit Word News website and associated websits. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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