GDP growth doubtful, Vision 2020 unrealisable ' Economists

Economic experts have criticised the economic reform agenda of President Goodluck Jonathan and faulted his statement on the expected growth of the nations Gross Domestic Product.The economists, who also described Vision 20-2020 as unrealisable, advised the president to address one issue at a time, if his economic transformation agenda was to bring tangible results.A professor with the Department of Economics, Ahmadu Bello University, Zaria, Kaduna State, Dr. Usman Muttaka, who spoke to SUNDAY PUNCH, said for any country to have a GDP growth, all components of its economy must be developed.He said, "Whenever we talk of GDP, it is the entire economic growth of a nation in a particular year. For the GDP to be developed, certain components like the employment rate, infrastructure, manufacturing and agricultural output must be enhanced."It is still normal where the unemployment rate is below four per cent but as at today, Nigerias unemployment rate stands between 25 and 30 per cent. Most of the organisations are either folding up or relocating to neighbouring countries."The manufacturing sector supplies only about 10 per cent of the national demand. Infrastructure, which should be the warehouse of the GDP, is grossly inadequate. There is low production and output in the agricultural sector."Every manufacturer will find it hard to produce because the cost of production is very high. An investor has to provide necessary infrastructure like power, water and security for himself. It is the aggregation of the entire economy that will determine the GDP."Another economist and former Vice-Chancellor, Crescent University, Prof. Sheriffdeen Tella, told our correspondent that power posed the strongest challenge to the economy and must be given the highest priority.Tella said, "We have heard of these economic reforms for a long time. There are too many activities being embarked upon and this may not help in bringing meaningful results. With the little time remaining and the indications received, even the Vision 20-2020 is not realisable."Tella, who is also the Chairman, Ogun State Education Committee, pointed out that corruption must be tackled and that the preferential treatment given to corruption cases involving top officials would do more harm to the nation than good.Jonathan had said his economic reforms were expected to cause high growth rate of Nigerias Gross Domestic Product.
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