Nigerian economists have identified corruption and lack of investment-driven poverty reduction strategy as major causes of poverty that is bedevilling African countries.

In a summit of the Nigerian Economic Society (NES) recently concluded at the Lagos Sheraton Hotel, the body said the prevailing high poverty indeces in most African countries is the fall out of prevalent corruption among the leadership.

The body lamented that in Nigeria and Africa in general, “corruption continues to afflict all areas of national life. With respect to human resource development, a high proportion of the dwindling resources allocated to the social sector continues to be frittered away through endemic corruption”.

The summit recinnebded that “there is an urgent need for African governments, the private sector and the civil society to embark on a programme of strategic investment in human capital”.

The summit whose and theme was “Human Resource Development in Africa” also indicated that a “feature of this strategy should be the stepping up of the proportion of the GDP that should be committed to education and health”.

NES advised that African governments should “re-order their priorities to put human resources development at the top of national priorities. Special attention should also be given to the promotion of gender equality in human resources development”.

A Communique of the body signed by Dr. Peter Ozo-Eson called on the Nigerian government to “fight corruption with vigour and sincerity of purpose, and also “address the problem of deteroriating quality of education at all levels, especially at the tertiary institutions”.

The group faulted Nigeria’s government’s emphasis on foreign investment, stating that ” the government’s present emphasis on attracting foreign investment as a way to achieve growth is misplaced since the pre-requisite for the attraction of direct foreign investment into Nigeria are currently not in place”.

NEC also lampooned the nation’s macroeconomic policies, describing them as unstable and capable of weakening ” the ability of the conomy to adequately invest in human resource development and utilisation”.

Participants at the summit included notable economists like Prof. C.C. Soludo of the University of Nigeria, Nsukka, Prof. Adalemo of the University of Lagos, Prof. Akin Iwayemi of the University of Ibadan, Mr. Chris Itsede, Director-General of the West African Institute of Economic and Financial Management and Prof. Umoh, former Director-General of the National Manpower Board.

Ikenna Emewu, This Day (Lagos), August 13, 2002