Oil Wealth Hindering Nigeria's Innovative Ability – El-Rufai

 Oil Wealth Hindering Nigeria's Innovative Ability – El-Rufai

Governor Nasir El-Rufai of Kaduna state  on Saturday expressed his belief that oil wealth is negatively affecting Nigeria’s development.

Speaking in Ibadan, the outspoken governor opined that successive governments have had no compulsion to be innovative in creating policies that would change Nigeria from being a developing nation to a developed one because of the immense wealth accruing from the sale of crude oil.

According to him, it would do the country a world of good if access to this “free money” is blocked or the oil wells dry up.

Because Nigeria gets easy money from oil, the nation has lost its thinking initiative on how to develop other sources of revenue and diversify the economy.

We get easy money, we do not collect taxes and our taxes are six percent of Gross Domestic Product; that is an average of 21per cent. We stop respecting the intellectuals that we have in our universities because we get easy money.

This is very sad, I wish the oil will dry up so that we can begin to use our brains because we have stopped using our brains and we have stopped respecting intellects because of easy money.

The earlier the oil dries up the better for our national ability to think, be innovative and respect intellect and academic achievement.

The event, the 2017 Founders Day Celebration, was organised by the Development Policy Centre, Ibadan and held in memory of renowned economist Professor Ojetunji Aboyade.

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