ICAN Reveals Why Nigeria's Economy Is Stunted
File: CBN Governor, Godwin Emefiele

Nigeria’s economy is experiencing stunted growth due to poor leadership, the Institute of Chartered Accountants of Nigeria has said.

This was the position of the ICAN President Razak Jaiyeola on Tuesday at the 48th Annual Conference of the institute in Abuja.

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According to Jaiyeola, “I will not be saying anything new if I assert that Nigeria is a great, blessed and richly endowed nation with abundant human and natural resources. What may be new is that the unhealthy politics of governance, poor leadership and tussle for resource distribution at all levels have stunted, rather than accelerated, the nation’s pace of social and economic development.

“We have not, as a people, leveraged the opportunity of our endowment to advance the cause of the nation and its people.

“Individual will, rather than the common good, has tended to be the driving force in politics in the last 58 years. No nation prospers under such a scenario.

“Since the nature of politics defines the pace of economic development, it is not a surprise that we are where we are on the global development ladder.

“Nigeria is currently 157th out of 189 countries sampled in 2017 by the United Nations Development Programme for human development index.”

He added that “The repatriation of young educated Nigerians from landlocked, less endowed African countries and rescue of many others from the horrors of the Mediterranean Sea exemplify the pain, tragedy and distrust in public governance, however, well intentioned.

“Even in the pursuit of profit, the welfare of the people is sacrificed by corporate entities. Due to untamed, poorly controlled and unethical mining practices, the exploitation of crude oil in Nigeria has led to the infamous Dutch Disease.”