CORRUPTION ENDANGERING NIGERIA DEVELOPMENT AS 62% NIGERIANS LIVING IN MULTIDIMENSIONAL POVERTY.. PROF. KAREEM

CORRUPTION ENDANGERING NIGERIA DEVELOPMENT AS 62% NIGERIANS LIVING IN MULTIDIMENSIONAL POVERTY.. PROF. KAREEM

Corruption has been identify to be the major impediment to Nigeria economic development as 62 percent of Nigerians still live in abject or multidimensional poverty.

Professor of Resource and Development Economics in the depatment of Economics and Actuarial Sciences, College of Arts, Social and Management Sciences (CASMAS) who also double as the Deputy Vice Chancellor of Crescent University, Abeokuta, Prof. Rasaki Olufemi Kareem made this known during the first inaugural lecture of the University with the theme"Resource Efficiency vs Economic Development: Whither Nigeria" 

He said Nigerian problem is not about resources but how those resources are being put to use for the benefits and welfare of the citizen, pointing out that about 133 to 144 million Nigerians are living in multidimensional poverty, highlighting the poverty rate percentage from 46 percent in 2014 with 85 million in poverty, 2018 with 40.1 percent with 83 million, 2022 with 41.8 percent with 95 million population, 2023 with 56 percent with 113 million, 2025 with 61 percent with 139 million people and rose to 62 percent with 141 million people living in multidimensional poverty in 2026

The professor said the high rate of corruption among the political elites, public office holders as well as major sectors of the economy has further degenerate the living standard and overall well-being of an average Nigerian. 

Prof. Kareem said for Nigeria to attain sustainable development, public officials and political office holders must shun corruption, adding that the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC) should wake up to their responsibility by holding government officials and political office holders accountable for the misused of public resources.

He however call on the National Orientation Agency (NOA) as major stakeholders in Nation building to embark more on enlightenment of citizens on resources efficiency and it attendant effect on sustainable development from primary level as well as educate voters on their responsibility , adding that over 240 million Nigerians home and abroad can speak through their voting power in the next general election to change the narrative.

Speaking on way out, Prof. Kareem emphasised more focus on agriculture, noting that Nigeria is endowed with 30.2 million hectares of arable land, 12 million hectares of fresh water source covering about 960 kilometers of coaster land with significant ecology diversity that could enable the nation to produce a variety of crops, livestock, forestry and fishery products, saying that in 1960s agriculture played a prominent role in the growth of the economy.

He said government should diversify it's economy by investing in various sectors such as mechanisation of agriculture, innovation in manufacturing and technology-driven and services, pointing out that investing in other sectors would reduce the dependency on oil and free us from external shocks.

While advising the government to leverage on Research and Development (R&D), Prof. Kareem said the step would allow government tap into various mineral resources and develop viable innovative method of judicious use of resources right from extraction stage and enforce policies that would promote sustainable natural resources management for the substenace of economic development.

In his goodwill address, the Proprietor and Chairman Board of Trustees, Prince. Muhammed Ma'ruf Adesegun Ajibola said the theme of the lecture "Resource Efficiency vs Economic Development: Whither Nigeria" is apt, saying that it has actually address challenges in Nigeria agricultural areas as well as profer solution to major issues the country is currently facing.

Prince Moruf Adesegun, promise to sustain the trend and support subsequent programmes.

Speaking earlier, the Vice-Chancellor of the University, Prof. Ibrahim Gbajabiamila, said that the first inaugural lecture of the institution also marks 20 years of operation of the Institution with 300 students on board, saying the Institution has grown significantly and contributed greatly to the academic development of many graduates.