Post-COVID-19: Nigeria would have had it better if during surplus … – don
Ibadan – A don, Dr Olugbenga Alayande, on Friday, urged the Federal Government to use the current global economic downturn, occasioned by the COVID-19 pandemic, to develop Nigeria’s technological capacity.
Alayande, who is the acting Director, Intellectual Property and Technology Transfer, The Technical University, Ibadan, stated this in an interview in Ibadan.
The don spoke against the backdrop of the economic downturn, which COVID-19 might bring worldwide, especially as Nigeria depended on petroleum as its major source of income.
“The only solution for Nigeria now is to use the available money in the Sovereign Wealth Fund to grow the technological sector, because there might not be anywhere now to obtain loan without stringent conditions attached.
“In fact, there are abundant opportunities for Nigeria to develop technologically, even in the mining sector. Government can achieve these by using the Sovereign Wealth Fund. Otherwise, we may have to learn in a very hard way,” he said.
Alayande said that the economic impact of the pandemic would have been far less on Nigeria, if the technological sector had been well-positioned before now.
“Nigeria would have had it better if we had invested in technology during surplus, because the NNPC recently indicated that it might shutdown further production so as to avoid losses.
“Many countries, including South Korea, China and South Africa, had similar historical background with Nigeria but they have since developed their steel industries and are now major players in technological innovations among the comity of nations.
“Our forefathers like Chief Obafemi Awolowo, Dr Nnamdi Azikwe, Sir Ahmadu Bello and others were so visionary by laying the foundation for the development of steel industry in Nigeria.
“It was their vision that gave birth to the establishment of Ajaokuta in 1979 which has yet to commence production of any technological infrastructure up till now.
“Whereas South Korea, which built its own steel industry in 1980, currently makes an equivalent of over N60 billion annually from the production of various hardware,’’ the don noted.
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According to him, government in the past used to give scholarships to many Nigerian students to study courses in the field of metal production and other engineering areas abroad, when the idea of establishing Ajaokuta steel company was conceived.
He, however, said that the programme eventually became a jamboree, as there was nowhere for the students to work after completing their studies abroad.
Alayande noted that the amount of money that had been committed to the Ajaokuta steel company was enough to develop three of such companies anywhere in the world. (NAN)
