BREAKING: Professor Adi Bongo: Nigeria’s Low Productivity is Directly Responsible for Our Low Living Standards
Professor Adi Bongo, a renowned economist at the Lagos Business School, has criticised Nigeria’s approach to industrialisation, warning that the country’s development strategy requires a fundamental overhaul.
According to Bongo in an interview with ARISE News on Wednesday said that the government’s policy of mere declarations will not be enough to achieve meaningful growth.
“We have reached a point where we must reconsider our development strategy. While we have the potential and reproductive capacity, we are not harnessing them effectively,” he said, adding that Nigeria’s labor productivity remains a major concern.
“When you look at the statistics, Nigeria’s labor productivity is the lowest in Africa. Our productivity is in the negative, at -0.1%. This is a clear indication that we are not producing enough to sustain growth.”
Bongo further highlighted the importance of productivity in determining a nation’s standard of living, noting that a country’s ability to produce goods and services is a fundamental principle of economics.
“Living standards depend on productivity. In Nigeria, our low productivity is directly responsible for our low living standards. This is not something that can be fixed with mere policy pronouncements; we need a clear strategy and careful execution,” he stressed.
He also criticised the current political climate, stating that Nigeria’s problems go beyond economic policies. “What we have in Nigeria is maximum politics and zero governance,” Bongo lamented.
He pointed out that infrastructure development, such as road networks, remains stagnant, asking, “How many kilometers of road networks have we expanded in the past ten years?”
Bongo also noted the issue of electricity supply, comparing Nigeria to neighboring Ghana, which has managed to stabilise its power sector. “How do you talk about productivity when you haven’t been able to stabilise electricity? Ghana has managed to do that,” he said.
In response to whether domestic consumption could drive the country’s economic growth, Bongo questioned the effectiveness of relying solely on the local market.
“If you examine the production network today, you’ll notice that only a few companies dominate the value chains. The role of the government should be to support these companies and create an enabling environment for them to thrive,” he stated.
He further argued that Nigeria’s ambition to become the “center of gravity” in the region is unrealistic without a sound policy framework. “When the government sets out such ambitious goals, you know the policy is not right, and it’s not going to work,” Bongo added.
The professor concluded by expressing concerns over the government’s failure to act swiftly. “This is the moment when the government needs to be proactive, but all indications show they are proceeding with business as usual. No one seems to understand the urgency of the situation,” he said.
In light of these concerns, Professor Bongo called for a strategic shift, emphasising that only through deliberate and targeted action can Nigeria hope to reverse its economic decline.
Boluwatife Enome
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