The Senator who represented Bayelsa East Senatorial District in the 8th assembly, Ben Murray-Bruce, has lamented that Nigeria is still running an 18th-century economy dependent on crude oil and its turbulent prices insisting that it is not sustainable.
He said this while urging President Muhammadu Buhari to start the process which will enable Nigeria to join the rest of the world in the 21st century by intentionally diversifying the economy.
In a video on posted on Twitter which was obtained by Africa Daily News, New York, Ben Murray-Bruce made a case that the Ministry of Science and Technology to be properly funded, noting that the biggest economies in the world are technology-driven.
He said, ‘We are already 21 years into the 21st Century, but here in Nigeria, we still run an 18th Century economy dependent on crude oil and its turbulent market prices.
‘Mr President, I urge you, we need to move to the 21st Century and join the rest of the world. We cannot afford to be left behind waiting for the price of crude oil to rise.
‘The biggest economies in the world are technology-driven. For example, a 10 per cent increase in broadband penetration is associated with a 1.4 per cent increase in GDP growth in emerging markets.
‘Technology encompasses a huge body of knowledge and tools that ease the use of economic resources as a way to produce goods and services efficiently.
‘Technological progress is essential to economic growth and development, and the more advanced the technology is available, the more quickly our economy can grow.
‘The Ministry of Science and Technology must be properly funded and run professionally to attract the best brains we have.’
The former lawmaker expressed the belief that Nigerian inventors and scientists can also perform like their foreign counterparts if provided with the right environment.
‘Nigerians are natural inventors. Nigerians are among the world’s best scientists and so many Nigerians are contributing to the technological advancement of other countries instead of ours and it’s no fault of theirs. We have simply done nothing to attract them.
‘Aptera Motors, an American Start-up company based in San Diego, California recently announced a new three-wheeled electric car with a range of up to 1,609 kilometres per charge. But what’s more fascinating is that you can charge the car’s 100 KWH battery from an electrical outlet powered by the sun and while driving and parking, thanks to its solar harvesting roof. Nigerian inventors and scientists can do the same in the right environment.
‘Mr President, I am begging you, please start the process of creating the right environment so Nigerians can leap and join the world’s strongest economies,’ he said.
Meanwhile, the Minister of State for Petroleum Resources, Mr. Timipre Sylva, has explained why the country’s economy under the Muhammadu Buhari administration is the way it is.
While critics have accused the government of worsening the economy, Sylva put the blame on the Peoples Democratic Party (PDP) led administration.
AFRICA DAILY NEWS, NEW YORK
