Despite huge market, Nigeria remains poor, says Agabkoba

A former president of the Nigerian Bar Association (NBA), Dr. Olisa Agbakoba (SAN), has said that despite huge potentials and resources, Nigerians are still walloping in abject poverty.

Agbakoba spoke at the second plenary session of the ongoing Annual General Conference of the Nigerian Bar Association (NBA) in Lagos, said Nigeria’s under-development was as a result of incompetent leadership.

While speaking on the theme: Institutionalizing African Investment, the former NBA President said the country cannot attract Foreign Direct Investment (FID) when it is under a “non-performing government.”

“Despite the huge market – 200 million Nigerians – we are very poor. So, sometimes we sit here in fancy suits; but go out to the streets.

“I am a maritime lawyer in Apapa district. The Apapa district contributes 30 per cent of Nigeria’s national budget. Yet it takes three hours for me to get to work because trucks and tankers have blocked the entire place.

“So, let’s not pretend. We must look for leadership. And I think that is the central challenge.”

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He said no progress has been made towards addressing the power deficit, adding that he uses about 10 generators to run his offices.

According to him, bad leadership was manifest in the deplorable state of the Apapa-Oshodi Expressway which is the gateway to Nigeria major seaport.

He said it takes him an average of three hours every day to get to work due to poor state of Nigerian roads.  “Despite all of the resources allocated to power, we don’t have power. As I stand before you, I run about 10 generators in various offices.”

“The vice president spoke very eloquently but in real terms, we as lawyers are responsible in the context that we must put pressure on government. No one is going to come here on foreign direct investment with the kind of, for want of a better word, non-performing government that we have. It’s not possible.”