Former Chairman of First Bank of Nigeria, Mrs. Ibukun Awosika, has expressed concern over the increasing number of young Nigerians relocating to developed countries in North America and Europe. She described this trend as a significant export of Nigerian resources that yields no return on capital investment. Awosika highlighted the struggles of Nigerian parents who invest scarce financial resources to provide their children with quality education, only for them to leave in search of better opportunities in the United States, Canada, the United Kingdom, and other European nations.
Speaking at the annual Vanguard Economic Discourse 2023, themed ‘Taming Inflation and Stimulating Growth: The Place of Fiscal & Monetary Policies,’ Awosika remarked on the irony of this situation. She stated, “In many ways, the sad part is after we have used our money to pay the countries for the education of our children, we then leave our children behind to serve them to build their own economy, even though we paid for that education.” She emphasized the impact of this phenomenon, noting that every penny spent on education for children who do not return represents a loss for the nation, resulting in a complete export of resources without any anticipated return on investment.
Awosika urged the Nigerian government to address economic loopholes to mitigate the so-called “Japa syndrome,” which threatens the country’s future. “We have to live up to our responsibilities in upholding sanity in our socio-economic and political and leadership systems,” she asserted.
The keynote speaker at the event, Niyi Yusuf, Chairman of the Nigerian Economic Summit Group, emphasized the need for Nigeria to institutionalize efficiency in its tax collection systems. He stated, “Nigeria needs to improve more on widening its tax nets as opposed to increasing taxes. We don’t need a fixed tax. All we need is efficiency in the way we collect our taxes.” Yusuf also advocated for innovative strategies to attract capital beyond oil, stressing that Nigeria requires substantial investment to build essential infrastructure, including hospitals and schools.
Gbenga Adefaye, General Manager and Editor-in-Chief of Vanguard Media Ltd, noted that the Vanguard Economic Discourse was timely, as the country approaches another period of electing new leaders.
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