Ex-LASU VC charts path to new Nigeria

The immediate past vice chancellor of Lagos State University (LASU) Ojo, Professor Olanrewaju Fagbohun, is optimistic that Nigeria can achieve a true rebirth and become a force to reckon with again in the global space.

He said although the current humongous socio-economic challenges the country and its people grapple with are enough to make many to lose hope of a new Nigeria, it is clear that with strong political will, national pride and belief, Nigeria can be meaningful again.

According to him, Nigeria’s problems are more systemic and attitudinal in terms of the kind of people in charge of its resources, especially in the aspect of political governance.

He said it was disheartening that many countries with less human and material endowment at one time or the other, had also experienced similar or worse scenarios in their political and socio-economic encounters and had been able to wriggle out of such crises “Nigeria, on its part, is sinking deeper in its own mess,” Fagbohun noted

He referred to countries such as United Arab Emirates (UAE), Singapore, South Korea, and China, saying they were once enmeshed in serious economic crisis but today are ranked high in the global economy.

Fagbohun, a Senior Advocate of Nigeria (SAN), shared these perspectives at the 21st annual public lecture and luncheon organised on Sunday  by the Obafemi Awolowo University Muslim Graduates’ Association (UNIFEMGA), Lagos Chapter.

The annual event with this year’s edition 21st in the series, and held in honour of two prominent alumni of the university, Justice Habeeb Abiru and Prof Yusuf Ali, had many other high profile alumni of the institution including the Managing Director of Lotus Bank, Mrs Kafilat Araoye, and board chairman of UNIFEMGA, Mr Abdul Rafiu Ebiti, in attendance.

Speaking on a topic ‘Harnessing Opportunities for a New Nigeria,’ the don highlighted six fundamental issues that Nigeria needs to bring about the desirable change in Nigeria’s narrative.

He listed them to include deficient federalism, weak judicial system, insecurity, non effective educational system, poor electricity and lack of transparency and accountability.

He recommended that Nigeria should, among other things, leverage aggressively on some areas of economic activities where it has a comparative advantage and could also tap into some others.

He listed such areas to include agriculture that will incorporate value chains, entertainment and tourism industries, blue economies with ICT to drive them all.

Another issue that can help Nigeria out of its current economic quagmire according to him is the ability to explore the Small and Medium Sized Enterprises (SMEs), by making the sector investment-friendly.

He argued that such a move can grow job opportunities and open new markets and drive real development.

Fagbohun equally emphasised the role of accurate and effective data management, aggressive investment in industrial sector, infrastructure, and Artificial Intelligence and other areas that are capable of changing the current narrative.

Fagbohun, however, cautioned that Nigeria should not be allowed to go in the way of Venezuela, which despite its largest oil reserve globally fell from grace to grass and should not always yield to the advice and dictates of the Bretton Woods such as the World Bank and the IMF.

He emphasised that once all these opportunities are explored and backed up with strong commitment, determination and innovation from both the public and private sector participants, the efforts would certainly pave the way for a new Nigeria where people can afford basic needs and other necessary needs to make life meaningful.

In his welcome address earlier, the chairman of UNIFEMGA, Lagos Chapter, Mr Saheed Bashiru, said the association is to advance the socio- economic interests of members, and promote the development of their Alma mater, quality education and national development.

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