Ex-senator says Nigeria is running ’18th century economy’

Ex-senator says Nigeria is running ’18th century economy’

Yusuf Boluwatife

A former senator and founder of Silverbird Group, Ben Murray-Bruce has charged President Muhammadu Buhari to kickstart the process that will allow Nigeria join the rest of the world in the 21st century.

Murray-Bruce, who represented Bayelsa East Senatorial District in the National Assembly, made this known in a video on microblogging platform, Twitter.

He said Nigeria is still running a 18th-century economy dependent on crude oil and its turbulent prices.

Noting that the world’s biggest economies are technology-driven, the former lawmaker called for the proper funding of the Ministry of Science and Technology.

“The biggest economies in the world are technology-driven. For example, a 10 per cent increase in broadband penetration is associated with a 1.4 per cent increase in GDP growth in emerging markets.

“Technology encompasses a huge body of knowledge and tools that ease the use of economic resources as a way to produce goods and services efficiently.

“Technological progress is essential to economic growth and development, and the more advanced the technology is available, the more quickly our economy can grow.

“The Ministry of Science and Technology must be properly funded and run professionally to attract the best brains we have,” Murray-Bruce said.

A member of Nigeria’s main opposition party, the Peoples Democratic Party (PDP), the business magnate-turned-politician was part of the Eight Assembly of the Nigerian Senate.

editor

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *