The Ooni of Ife, Oba Adeyeye Ogunwusi, has said the way out of the current recession in the country, is huge investment in locally made goods.
Oba Ogunwusi stated this in Malete, Moro Local Government Area of Kwara State, while delivering this year’s convocation lecture of the Kwara State University (KWASU).
According to him, “if we change our orientation, things will move forward. There is no shortcut to success. We have propensity to consume, but no propensity to produce.”
In the lecture entitled: “Practical entrepreneurship: Leeway to Nigerian economic recovery and growth,” the eminent traditional ruler listed investment, production and consumption as some of the ingredients for a viable economy.
‘‘In the 60s, Nigeria had so much money and did not know what to do with the currency then; our propensity to produce started dropping.
“One of our fundamental problems in this country is that we don’t want to learn from our mistakes. We have forgotten how to link all economic ingredients for economic recovery.
“The current economic hardship in the country is a blessing in disguise. It is making us think inwardly, as state governments are now collaborating. How well we are thinking out of the box; that is food for thought for us all in Nigeria. Necessity is the mother of invention. The leeway to economic recovery in Nigeria lies with you and I. Let us believe in our country and think positively”, he said.
The monarch noted that over 70 per cent of Nigerian youths have been frustrated by the system, saying that the current economic woes in the country to heavy dependence on foreign goods.
The Ooni added that “70 per cent of Nigerians are youths. They are vibrant, energetic and purpose driven; they can think outside the box, yet, they are frustrated by the system. The system has not encouraged them.”