Aganga blames low GDP on mismanagement

heMinister of Trade and Investment, Mr. Olusegun Aganga, has blamed Nigerias low Gross Domestic Product growth on inefficient allocation and management of the nations human and natural resources.A statement by the ministry on Sunday quoted the minister to have stated this while delivering the University of Uyos convocation lecture, titled, Resource Management and National Development.Aganga explained that almost three years after the formulation of the Vision 2020 economic blueprint, the countrys GDP was still growing at about seven per cent due to inefficient allocation and mismanagement of resources.The minister said, It is expected that based on the implementation of the Vision 2020 economic blueprint, which again goes to the root of resource management, the nations GDP should be growing at about 14 per cent per annum, from 2010 to 2020, to realise this vision.The unfortunate truth of the matter is that almost three years after the formulation of that plan, the economy is still growing at about seven per cent, largely because of persistent inefficiency in resource allocation and management.He noted that it was lamentable that despite Nigerias vast human and natural resources, the country had yet to achieve the desired economic growth and development.Aganga said, That Nigeria is blessed with the right mix of human and natural resources needed to earn it a place among the top 20 economies in the world, in less than nine years, cannot be over-emphasised.With a population of over 150 million people, 80 million hectares of arable land, about 33 solid minerals in commercial quantities in 450 locations in the country, eight largest gas oil producing nation, Nigeria definitely has all it takes to achieve sustainable growth and development.
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