Nigeria Needs Stability to Develop, Says Chief Ernest Shonekan,

Thw former Head of Interim National Government, Chief
Ernest Shonekan, has said that for the country to develop and
tackle the challenge of unemployment among her teeming
jobless youths, there was need for political and economic
stability.

"Political and economic stability are important for local and
foreign investors to invest their money. Generally, investors
shun economies where there is no political and economic
stability," said Shonekan.

Continuing, he said: "The Boko Haram insurgency has had
negative effects on the country's image, particularly in the
international media and the perception of Nigeria by foreign
investors.

"There is no doubting the fact that the country would have
attracted more foreign investments than it has garnered in the
last few years if there had been no Boko Haram insurgency in
parts of the country."

Beside the security issue which scares investors, Shonekan
noted that corruption was also another hindrance to development. He urged the government and stakeholders to
ensure that the menace is gotten rid of.

"Both the government and all stakeholders concerned must
team up to ensure that corruption is wiped out in the country.
Investors shun countries where there is corruption, more so
because it increases the cost of doing business and also
truncates the laws for doing business."

Shonekan who was a special guest speaker at the second
Nigeria Leadership Summit, holding at the Oriental Hotel in
Lagos also delivered the welcome address.

The event was organised by the President and CEO of the
Anabel Group of Companies, Nicholas Okoye, one of the
keynote speakers, was the former vice president of the Africa
Region of the World Bank, Oby Ezekwesili.

The Tourism Minister, Edem Duke, while speaking, said the
most significant challenge for the youth in Nigeria is
unemployment.

"The high rate of unemployment in Nigeria remains alarming.

"Private and public sectors need to work together in
addressing this alarming issue. We need to get the work to
provide both the young and elderly ones with an opportunity
to be employed and employ people through entrepreneurship."

Also, Ezekwesili, speaking on the topic, 'Empowering the
Nigerian Youth Population', said unemployment is one of the
major causes of social problems in the country.

"This problem has left many Nigerian youths in a vicious
cycle, seeking for relevance."

While condemning the overdependence on oil, Ezekwesili
noted that the country needs to shift away from relying on
oil, to develop the manufacturing sector, which according to
her remains very marginal. "Manufacturing has remained very
marginal to our economic development."

Continuing, she said, "There is a question of accountability
for those in government and who have been in government as
to why there's never been a structural shift to help drive the
manufacturing sector into what it should be.

"We need economic structural change. Like China and India
once did, we need to practise a closed economy. No nation
can have a shared vision without leadership that understands
sacrifice."

Culled From Thisday