Nigeria’s Economic Potential Constrained By Structural Issues – Abia Majority Leader

As Nigeria marks another year of independence today, Hon. Okoro Uchenna Kalu, Member Representing Arochukwu State Constituency and Majority Leader of the Abia State House of Assembly, has called for significant reforms to tackle the nation’s economic challenges.

In an exclusive interview with THE WHISTLER, Hon. Kalu acknowledged Nigeria’s progress in certain sectors but stressed the need to address structural issues that continue to limit the country’s economic potential.

Reflecting on Nigeria’s development since independence, Hon. Kalu noted the expansion of key sectors such as telecommunications and agriculture.

“Sincerely, I feel Nigeria has made some progress in terms of our socio-economic development,”* he said. “Different sectors like manufacturing, agriculture, and telecommunications, among others, are expanding daily. Specifically, the telecommunications sector has witnessed phenomenal growth since 2001, making it one of the highest employers of labour in the country.”

Hon. Kalu also acknowledged the pressing concerns of inflation and the lack of infrastructural development, particularly in Abia State.

“We are all being faced with the economic reality on ground, in regards inflation in all spheres of our lives. Abia State isn’t an exception,” he stated. He emphasized that the government is taking active steps to address these issues, pointing to various initiatives launched under the leadership of Governor Dr. Alex Chioma Otti.

“The government has, upon assumption into office, launched a series of empowerment schemes, revolving loan programs, NG-Cares, and the just-concluded Abia CSS farm agricultural training for over 304 Abians,” Hon. Kalu explained. “The funds will soon be disbursed to help keep our people busy and engaged while managing this time and its challenges.”

Highlighting the significance of leadership in addressing these challenges, Hon. Kalu remarked, “When the head is not right, it certainly affects other parts of the body.” He attributed much of Abia State’s recent progress to Governor Otti’s visionary leadership and economic expertise.

“His Excellency, The Executive Governor of our dear state, Dr. Alex Chioma Otti (OFR), is indeed a visionary leader and a great economist who understands how to convert what people see as loss into gains,” Hon. Kalu praised.

Despite the efforts made at the state level, Hon. Kalu identified several structural issues that continue to hinder Nigeria’s economic potential on a broader scale.

“Nigeria’s economic potential is constrained by many structural issues, including inadequate infrastructure, tariff and non-tariff barriers to trade, obstacles to investment, lack of confidence in currency valuation, and limited foreign exchange capacity,” he said. According to him, addressing these issues is crucial for the nation to experience a “paradigm shift.”

Looking towards the future, Hon. Kalu urged both government officials and citizens to remain united in their efforts to improve the country.

“Let’s keep hope alive and collectively do our best to salvage our country,” the Majority leader added.