Oil wealth can’t enhance development –World Bank chief

The Vice President (Africa), World Bank, Dr Oby Ezekwesili, has warned the nation’s leaders against working against development through uncontrolable sharing of oil wealth.

Ezekwesili, a former Minister of Education in the former President Olusegun Obasanjo’s administration, argued that rather than depending solely on oil wealth, Nigeria and other oil-rich African countries should start investing in human capital development and sustainable agricultural programmes to transform their economies.

The former presidential aide spoke in Abeokuta on Monday during the inauguration of Feed Africa Programme organised as part of activities marking the 75th birthday of Obasanjo.

The FAP, which is initiated by the Centre for Human Security, Olusegun Obasanjo Presidential Library, Abeokuta, to tackle the threat of food insecurity, is to take off as a pilot scheme in Delta State.

In a keynote address on the occasion, Ezekwesili lamented the overdependence on oil wealth and non-renewable capital by African countries.

She noted that oil wealth alone could not translate into economic development.

She canvassed the proper management of the natural endowment for human and physical capital development to enhance food security in the African continent.

Ezekwesili cited Japan and Singapore as examples of non-oil producing countries that ranked among the greatest nations of the world with the robust economies, urging Nigeria to take up the challenge of.

She said, “The issue of human capital is much more important for Africa than this incredible debate which goes on all the time about oil wealth. Oil wealth never creates the basis for economic development. This is the truth.

But simply sharing of oil wealth is such a lowly vision. There is no nation on the face of the earth that shared resources from non-renewable capital that became great.

The former minister, who wondered why a continent that possesses 50 per cent of the global arable land still wallops in hunger, blamed food insecurity in Africa on “poor leadership, poor policy, poor commitment, maladministration of resources and inappropriate investment.”

In his remark, the Minister of Agriculture, Dr Ademunmi Adesina, lauded the effort of Obasanjo in promoting agriculture in Nigeria, saying if not for the former President, the sector would have been forgotten in the country.

Obasanjo attributed his success in life to God, good upbringing, support from friends, determination, hard work and criticisms from adversaries.

Meanwhile, former Ogun State Governor Gbenga Daniel has felicitated with the former President, his 75th birthday. The ex-governor described Obasanjo as a foremost patriot whose commitment to the Nigerian project over the years had been outstanding. He said Obasanjo’s firm belief and conscious efforts in working for the corporate existence of Nigeria was admirable and should be emulated by other Nigerians.

...Punch