Global economist and author, Professor Paul Collier has warned that riding on the waves of global attention of great potential is not enough to generate inclusive growth for Nigerians. 

This is coming as Nigeria’s economic outlook remains impressive, especially as the country is placed alongside Mexico, Indonesia and Turkey as one of the MINT countries, the emerging economies of developing countries that will achieve great importance in the nearest future.

In an exclusive interview with Channels Television’s London Correspondent, Doris Okenwa, Professor Collier believes that the efforts being made by the government at economic diversification should be channeled towards sectors like construction, manufacturing and distribution to help reduce oil dependence.

He notes that “the agenda now, is much more at the micro level of the business environment” adding that one enormous change recently is the privatisation of this generation” but was quick to add that “it will be a vital matter to stick to that, implement it so that at last let there be light” he said.

But the resource curse remains a prominent problem for the country. Oil revenue and allocation is a major departure for conflict with relevant institutions and public officials often in the eye of the storm over remittances and investments.

Professor Collier further notes that “it is inherently difficult to spread the benefit of growth when the key agent of growth is natural resources” predicting that “the big sector that will create jobs in Nigeria is housing for ordinary people” insisting that people need living in decent structures”.

He also adds that building these structures will create millions of jobs for ordinary people in the construction sector.

Channels Television’s Doris Okenwa reports that the challenge is to ensure that conditions that support economic transformation, not just headline growth, are in place especially through transparency and fiscal accountability.