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Corruption ruining Nigeria’s economy –FUTA don

A Professor of Finance and Entrepreneurship at the Federal University of Technology, Akure, Tomola Obamuyi, has warned that the high level of corruption in the country will in the near future make Nigeria more unsafe for everybody with worsening unemployment and poverty levels.

Obamuyi gave the warning while delivering the institution’s 99th inaugural lecture titled, ‘Finance, Entrepreneurship and Institutions: The Triple Helix for Nigeria’s Economic Growth’, in Akure on Thursday.

According to him, corruption exerts an undesirable effect on the Nigerian economy, causing significant decline and insecurity.

“More than other factors, the major causes of the high level of unemployment include government’s lack of focus and mismanagement of the nation’s enormous resources and political impunity,” he stated.

He said the implication was the hopeless situation most Nigerians now find themselves in which active youths were being pushed into devious activities that persistently threaten the security of the nation.

Speaking on how to fight corruption, Obamuyi called on the Federal Government to embark on institutional reforms by moving from romanticism to pragmatism through healthy investment in public institutions to enhance their efficiency.

He also recommended accountability and deliberate commitment on the part of the government to fight institutional corruption in the country.

The don said all hope was not lost for the Nigerian economy if the government, policy makers, stakeholders, business operators and every citizen could fight corruption headlong and adopt entrepreneurial initiatives and sound financial policies.

On how to grow the economy, Obamuyi noted that there must be aggressive technological advancement championed by the government in the areas of finance, Information Technology and farming technology, among others, which would synergise the bands of interaction of the components of the Triple Helix for inclusive economic growth.

He also canvassed the strengthening of the financial liberalisation policy in order for it to “ease the flow of funds, reduce poverty, increase per capita income and, by extension, lead to economic growth and a safer Nigeria.”

For the private sector operators, the don recommended avoidance of diversion of funds to unproductive ventures, urging them to seek timely and relevant information to improve their knowledge of various funding opportunities.

He urged the private sector operators to expand their management capabilities and improve their record keeping in order to attract lenders.

Speaking on the fast growing Ponzi schemes and the effect on the economy, Obamuyi said such schemes had caused economic and financial instability and loss of investment world over, and were not contributing to economic growth and development.

He warned Nigerians to desist from such money doubling schemes and seek other legal and viable alternative investments.

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