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Against the backdrop of successive government embarking on new projects in the domestic economy, former Head of State, General Dr Yakubu Gowon has urged the government to focus on reforming and modifying existing projects, rather than abandoning it for new once.
Similarly, former Permanent Secretary, Phillip Asiedu has again reiterated that part of Nigeria’s woes today was the jettisoning of its 1975-1980 indigenisation plan, which he said, would have seen the country surpassing the Asian tigers.
The duo spoke during the 21st yearly stockbrokers conference held in Lagos on Thursday
According to Gowon, Nigeria would continue to lag behind, if government fails to build on what has been done before, no matter the difference in ideology.
He said: ” We have advised them that they should really go back to thinking of economic planning and starting from today to continue for the future. The question of government, irrespective of which party is in charge, they should always continue to build or reform what have been done before, rather than abandoning it because of difference in ideology or whatever.
“If only the government that took over from us were able to carry through the development plan that we had, the story of this country would have been very different. By now we would not only be competing with Dubai but with New York or America or many other nations. But unfortunately, that did not happen.
“We have been missing opportunities by not carrying out that developmental plan of 1975-1980. What we wanted to do at that time was that we wanted Nigerians to take the highest command of the economy but that did not happen.”
In his contribution, Asiedu insisted that Nigerians are yet to recover from the massive disruption of confidence that followed the second indigenisation policy due to failure to put into cognizance the already existing plans.
“In the first indigenisation plan, people who sold their properties, their companies, their shares were able to to get their money, in accordance to the status of investment, but the second one, three years four years, you sold your company, you got the money, you could not transfer it, it was getting loss.
“Nigerians still yet to recover from that massive disruption of confidence. We hope that this present set of people will not lose the opportunity because if we had continued with the 1975 -1980 plan and subsequent plans, we would have been at pars or ahead of the Asian tigers and Nigeria would have escaped poverty.
“After the civil war, people do not realize that with the ‘three Rs’, Rehabilitation, Reconciliation and Reconstruction, Nigerian economy started growing by 11.5 per cent per annum, ten more years of that, we would have escaped poverty.
“What was the consequence of abandonment of planning, by 1980, economy grew at -1 percent and for about 20 years, it was just recording uncertainties. We pray that the present people, never minding what is happening should have a vision, vision 2040, let us just plan for the future not for the next election,” he added.
Meanwhile, in recognition of their contributions to the growth and development of the Nigeria’s Capital Market, CIS has conferred its first Honorary Fellowship on Dr Yakubu Gowon, Chief Olusegun Obasanjo, General Ibrahim Babangida and Alhaji Aliko Dangote .
However, out of the four awardees, only Gowon was given the Award yesterday as part of the Institute’s commemoration of its 25th Anniversary alongside with the hosting of its 21st Annual Stockbrokers’ Conference with the Theme “Adapting To The Dynamic Changes In The Financial Market ” while other awardees would be conferred at a later date.
By this new status, the eminent Nigerians shall become members of the Institute. In his welcome address at the Institute’s 2017 Stockbrokers’ Conference, the President, Mr Oluwaseyi Abe noted that Gowon’s conferment was on the strength of his enduring support for the Capital market:
“General Gowon GCFR (Rtd) is noted to have laid a substantial part of the foundation for the exponential growth witnessed in the Nigerian capital market in the last four decades through the promulgation of the Nigerian Enterprises Promotion Decree, also known as the Indigenization Decree 1972.
“The enactment of that law was a bold step that radically changed the landscape of the Nigerian capital market. The sale of large state-owned enterprises and multinationals to private investors through public listing gave Nigerians their desired involvement in the commanding heights of the economy and created more employment for Nigerians,” he said
