A university lecturer at the Federal University of Technology, Akure, (FUTA), Professor Valentine Aletor says diversification of the nation’s economy can only be achieved through proper funding of research and education sector.
Aletor stated this in Akure, the Ondo State Capital at second Annual Lecture of the Association of Professional Bodies of Nigeria, (APBN).
The university don who spoke on the theme : ‘Research and Innovation Versus Economic Diversification: Wither Nigeria”, said it is sad that the nation rely solely on petroleum as it major source of revenue.
He pointed out that there was no way small and medium scale enterprises that employed 80% of jobless youths could thrive in Nigeria with the current epileptic and unaffordable power supply.
He added that countries like Ghana, Israel and Asian tigers committed 30% of their resources to education and research for rapid growth as against Nigeria that had become a major ” buying and selling nation.
Earlier, the Ondo state chairman of APBN, Pastor Gboyega Akerele and his first Vice Chairman, Prince Adeyinka Adedire noted that the theme of the lecture was selected in view of the prevailing socioeconomic challenges facing the country.