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The former Minister of National planning, Dr. Shamsuddeen Usman.

Why Nigeria fails to achieve economic buoyancy – Dr. Shamsuddeen Usman

The former Minister of National planning, Dr. Shamsuddeen Usman has said that unless there is strong political and legislative support to government’s policies and initiatives, Nigeria’s quest for economic buoyancy, national growth and sustainable development would remain a mirage.

Dr. Shamsuddeen made the disclosure in Kano on Thursday while delivering a paper titled “Public Private Partnership (PPP) for Economic Growth and Development: The Role of Islamic Finance”, at a public lecture series organized by the International Institute of Islamic Banking and Finance of the Bayero University, Kano

He said Nigeria is regrettably moving at a wrong direction, noting that “clearly, Nigeria has not done well at all. It is punching far below its weight due to inadequate support of the highest political level, legal regulatory and operational frameworks and lack of
consistency.”

As a panacea, the onetime minister of finance, suggested that, as a way out of the logjam, the country must reinstate and maintain long term plan as a nation, even as he suggested that Islamic Finance remain very vital and critical in salvaging the country out of the poor infrastructural deficit.

He advised that the National Assembly will do this nation well if it can hasten the passing of the National planning and project continuity bill, explaining that while other nations such as India and Malaysia have been religiously following their national planning doctrine, Nigeria, is always conceptualizing policies without implementing them.

Dr. Usman pointed out that if the country would strictly adopt and implement national development plan in compliance with the provisions of Islamic Finance, Nigeria would have been a heaven on earth.

“Islamic finance though constitutes just 20% of the total global investment yet as at 2014 Islamic Finance has about $2.1 trillion investment and by 2020 it is estimated to reach $4trillion.”

According to him, the present government’s anti corruption crusade would have achieve a lot had the National Council of Procurement Board been reconstituted, saying that, “But as it is now, the Federal Executive Council has reduced itself to a glorified Tenders Board, which is a gross violation of the constitutional provisions”.

Earlier, the Vice Chancellor Professor Muhammad Yahuza Bello, commended the International Institute of Islamic Banking and Finance for the lecture series, which has been very proactive in discussing national issues and proffering solutions.

He said Bayero University, is very cautious of its responsibilities as a centre of research and innovation, assuring that the university would continue to partner with group and organizations towards providing solutions to the myriads of problem facing the country.

In her welcome address, the Director of the International Institute of Islamic Banking and Finance (IIIBF) Professor Binta Tijjani Jibril, said as the only university based accredited Institution, IIIBF will strive hard to provide the needed manpower training on Islamic
Finance.

Source: The Daily Trust.

About Dr. Idris Ahmed

Dr. Idris Ahmed is the President and founder of the CUPS organisation. He is a Cryptologist (Mathematical science of designing and breaking computer security systems). He is the founder and Chief Executive officer of Tecomex Forensics Ltd (www.tecomex-forensics.com). He is passionate about fighting corruption, enhancing democracy, and establishing good governance in Nigeria. He is the Editor in Chief of the cupstv.com website.

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