By Aliyu DANLADI
The Nigerian Economics Students Association (NESA) says that strategic investment in critical infrastructure and social security will catalyse the development of Nigeria.
Secretary of the Governing Board of Peter Bauer Foundation, Mr Abimbola Agboluaje, in a statement on Sunday in Lagos said that economics students had the conversation at the Fuel Subsidy Debate organised by the foundation.
She said that all the students agreed that investment in fuel subsidy resulted to wastage and unbalanced distribution of wealth in the country, while they disagreed on the avenues for reinvestment of the subsidy funds.
NESA Unilag, represented by Lois Padonu and Ibrahim Lasisi maintained that the subsidy fund would find better use if invested in developing infrastructure across the country.
“Removal of subsidy would reduce Nigeria’s debts profile. Infrastructure, health and education are key indicators for development in a country. So investing in these sectors would only make for development in the country,” Padonu said.
Lasisi linked investments in infrastructure to poverty eradication and prevention of accidents on the country’s roads.
“By diverting subsidy funds into road and other infrastructure repairs, accidents would be reduced on the road,” he said.
He noted that the brain-drain affecting the health sector would be non-existent as most doctors would choose to stay in the country if the subsidy fund was used to improve the health sector.
Also, NESA Unilorin, represented by Adefowope Rahmat and Nicholas Iortsor said that social transfers to the poorest members of the population would stimulate the economy in a very positive direction.
“Malawi invested on social transfers to rural women practicing agriculture and reaped about 58 per cent growth,’’ Rahmat said.
“Social transfer also positively influences happiness index of a country, ’’ Iortsor added.
Dr Vincent Nwani, Director, Research and Advocacy, Lagos Chambers of Commerce and Industry (LCCI) commended NESA Unilag for winning the debate and the organisers for popularising a discourse that would enhance the well-being of Nigerians.
