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The Federal Government has been tasked to stimulate Nigeria’s economic development in order to retain funds for growth.
Chairman and Founder of The Chair Centre Group, Mrs. Ibukun Awosika, who took this position at the Economic Discourse also said the nation’s economy is haunted by many leakages.
Citing developments in the education sector as an example, Awosika who was the chairman of the 2023 edition of Vanguard National Economic Discourse, noted that the quest for foreign studies has culminated in the drain of resources which could have been retained for development.
According to her, Nigerias spent over $200 million for foreign studies within a few months of last year, stressing that the trend has become very alarming.
Unlike in the past when such students used to return to Nigeria on completion of their studies, she said most of them do not return to directly impact the nation’s economy.
Awosika said: “Over $200 million has been requested for school fees payment in other countries. If that value was retained within our economy, it will be driven in multiple cycles through a productive sector and what will be achieved will be unimaginable”.
Awosika also noted similar lapses in the manufacturing sector, where local industries have been crippled, thus forcing manufacturers to shut down while consumers embarked on massive patronage of import of various goods at the detriment of the nation’s scarce foreign exchange.
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