Nigeria’s inability to tackle the challenges with foreign exchange is costing her enormous foreign direct investments (FDI) according to Donald Duke former governor of Cross River State.
The former governor was speaking at the Deloitte Alumni Meeting which took place in Lagos recently. Nigeria is currently going through a recession partly engendered by difficulty in accessing foreign exchange in the wake of crashing oil prices and fiscal and monetary policies that have only aggravated the situation.
“If Nigeria does not achieve its potential, Africa is doomed. The currency problem must be addressed. Nigeria is not going to be an investor’s haven until the currency problem is solved,” Duke told the audience during his presentation on the topic ‘State of the Nation: How can we make the impact that matters?’
He expressed concern on the attitude of educated Nigerians who avoid politics and leadership position because they believe politics is “beneath them”. Leadership is at the centre of the country’s problem, Duke noted.
“What is the point of education if you are going to be led by the people you should be leading?” The rest of the world, he said, will not take Nigeria serious because of where are economically and in terms of development.
“If you do not stabilize the naira, the expectations of big billions from investors become pipe dreams,” Duke said.
Chika Okoro, managing director, UAC Foods who also made a presentation said it has become critical to “rethink our thinking to get out of recession.”
Okoro also added that leaders need to rethink strategy. There must proper planning for successful execution. The plans, he said, should envisage the future and action should commence towards attaining that future.
“If you want to stimulate growth you have to stimulate the growth drivers. We need to change our approach. We need to engage with the new world. The corporate world should change itself first. We must build capacity to compete,” Okoro said.
Fatai Folarin, chief operating officer of Deloitte West Africa who welcomed the alumni network stated that the success the firm has achieved was hinged on the contributions of members of the alumni network. He said it was important that it was important the firm sustains its relationship with the alumni. The relationship will further cement the Deloitte brand and also benefit the members.
“We want you to have at the back of your mind that you have a vibrant team behind you,” Folarin said.
FRANK ELEANYA
