Former governor of the Central Bank of Nigeria (CBN) Professor Charles Soludo on Tuesday said that Nigeria must be innovative to avoid dying, Concise News reports.
Soludo, speaking at the The Platform, a programme organised by the Covenant Christian Centre to mark Nigeria’s 59th Independence Day Anniversary, said it was necessary for the country to remain relevant among the comity of nations.
Explaining the implication of the signing of the African Continental Free Trade Agreement (AFCFTA), the former CBN boss said: “The implication (of the signing) is that insularity will no longer be an option; the name of the game of the future in an increasingly integrated world is innovate, compete or die.”
According to him, the world was already on the fourth industrial revolution with the digital economy while Nigeria was struggling with the basic stages of growth.
“While electric cars are fast replacing diesel and petrol cars, many of our people are still building petrol stations,” he said.
“The ordinary people who can’t explain what has hit them resort to all sorts of criminal activities to survive. Economic structuring will entail thinking through the alternative scenarios and mapping out to alternative possible proactive responses.”
But the revered economist said it would be difficult to have a competitive and prosperous post-oil economy of the future with additional hundreds of millions of Nigerians in the coming years.
The former CBN governor insisted that Nigeria must completely shift from depending on oil sale as a source of revenue.
He explained that a post-oil economy requires that stakeholders maximise their full potentials.
“The link between law, constitution, institution, and judiciary and the economic transformations seems to be the weakest link in our design of national agenda,” he said.