Cloudy Weather Report Ramallah, Palestine +4°C, Cloudy
Home | News |

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.

Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]

(Visited 1 times, 1 visits today)


No tags for this article
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.

Most Watched Videos

View all posts

What Type of Man Are You? (Must Watch Video)

This video describes in vivid terms, the types of men that exist.  Watch and review below.

Nigeria vs Zambia 1-0 - (Video)

Watch the football match between Nigeria vs Zambia 1-0, shows  Extended Highlights from the 2018 World Cup Qualifiers on 7 October 2017

[Music] Maire – Kau Kau

by OG DEJI 1 hour ago0 Maire returns with one of her best projects to date. She drops a new single titled ‘Kau Kau’. Produced by

[Music] Mano – Take It Off ( YungTrill)

by Mcadioh 1 hour ago0 Young Talented upcoming act, Frank also know as Mano drops a groovy dance masterpiece titled “Take It Off“. “Take it off”

Best Response Ever to the Age-old Question - "What Will You Do If Your Partner Denies Paternity?"

Best Response Ever to the Age-old Question - "What Will You Do If Your Partner Denies Paternity?" Watch and share ...after you laugh!

Most Read News

View all posts

Sex-for-marks: OAU sacks Prof. Akindele

The Governing Council of Obafemi Awolowo University (OAU), Ile-Ife, has dismissed Prof. Richard Akindele who was allegedly involved in a sex-for-marks scandal. Prof. Richard AkindeleProf. Eyitope

Renaming Of UNILAG: My father was more than that – MKO Abiola’s son

Kola Abiola, the son of late chief MKO Abiola has said that the naming of the University of Lagos (UNILAG) after his father by the

Troops arrest 2 members of notorious militia gang in Benue

By Joseph ErunkeABUJA-THE Nigerian Army, Tuesday, said two members of a notorious militia gang terrorising Benue State and environs have been picked up in their

Iran grab late World Cup victory against Morocco

Iran were gifted a late 1-0 victory over Morocco in their opening World Cup match on Friday when Aziz Bouhaddouz headed into his own net

Make Nigerians proud, Dogara tells Super Eagles

Speaker of the House of Representatives, Yakubu Dogara, has urged Super Eagles players to make Nigerians proud as they prepare for the first match with