Nigeria: Expert Faults Income Distribution Pattern in Nigeria

ALLAFRICA

DAILY TRUST [04/12/12]

By Yunus Abdulhamid and Olayemi Ibrahim

A deregulation expert, Professor Paul Reynolds, yesterday said the narrow income distribution pattern in Nigeria was dangerous to the development aspiration of the country as it was a sure way to divisive politics and violence.

Speaking at the opening session of the 18th Nigerian Economic Summit in Abuja yesterday, Professor Reynold who is the Director of Global Economic Policy Institute said the development is a "sign of dangerous days ahead."

He said Nigeria remains a "globally important nation in this part of the world" being the second largest economy in the continent of Africa.

He said although deregulation was a good way to open the economy of nations to private sector participation, it would not give the needed results without the entrenchment of competition and tightening of regulation.

Professor Paul also noted that majority of the jobs in the United Kingdom were created by small businesses but that is not the case in Nigeria.

"Nigerian economy is waiting to be freed, through improvement in competition and regulations," he said.

In his remarks during the policy debate at the summit, Vice President Namadi Sambo said government was doing everything to put the country on the path of growth and development.

Among these initiatives, according to the Vice President are; the fixing of about 200 dams to aid irrigation farming. He said agriculture was being made to be a business all through the value chain, and an all year round activity rather than seasonal.

The vice president said contrary to speculations, the Petroleum Industry Bill (PIB) was not being delayed by members of the National Assembly.

He said: "Deregulation is the best option to move the oil and gas sector forward and that is what the PIB seeks to bring about. The bill is being worked upon by members of the National Assembly."