How to address economic crisis, by expert

Former Managing Director of Citizens International Bank and Assurance Bank of Nigeria, Chikatara Mbonu has proffered solution to the nation’s economic instability.

He lamented that duplicated policies, inconsistent reforms and unstable national development plan are some of the factors responsible for nation’s economic instability.

Speaking in Ibadan while delivering a lecture titled “Blueprint of Progress: What Nigeria Can Learn from Global Systems and Leadership”, Mbonu maintained that stability will remained elusive until the nation begin to respect continuity, same way engineers respect load calculation.

The lecture was part of the activities lined up for the 10th Rev. Engr. Ette I. I. Etteh Annual Distinguished Lecture Series and the book launch of “Christ the Greatest Connector” written by Rev. Engr. Ette Ikpong Ikpong Etteh.

The lecture was organised in collaboration with Nigerian Institution of Civil Engineers(NICE), a division of Nigerian Society of Engineers.

Mbonu stated that a culture of man‑know‑man and the belief that government resources are national cake will continue to be major obstacles to Nigeria’s growth and development.

He said: “Nations like Singapore, China and the United Arab Emirates that have succeeded did not do so accidentally. They moved from wishful thinking to master planning, from guesswork to calculation, from hoping to knowing. Countries such as Singapore, Malaysia, South Korea and Rwanda were deliberate. 

“They agreed on long‑term goals, national discipline, continuity of plans, merit‑driven leadership and institutional strength over strong personalities. Unfortunately, Nigeria often changes its entire national direction the moment a new government comes in, leading to new agendas, priorities, slogans, and eventually the same old problems.”

He described Nigeria as a country with massive natural resources, but poor national values, weak institutions, low accountability and contradictory policies.

Mbonu suggested that Nigeria should adopt the ideas of Singapore and Rwanda, whereby ethics, discipline and civic duty are embedded in the curriculum from primary to tertiary level so that children would learn punctuality, honesty, basic financial literacy, community respect and a maintenance culture. 

He added that development remains impossible when criminals walk free, noting that the government must ensure transparent judicial processes with zero interference in court decisions and efficient, automated court systems.

 “Every public officer should have a public dashboard showing asset declarations, project performance, disciplinary records and reward systems. 

“Nigeria needs a curriculum overhaul, more technical and vocational schools in every state, and routine teacher‑retraining programmes. We also need to promote digital literacy as a core subject in every school.

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“Infrastructure provides the economic backbone. We must do more in constructing a national rail spine that connects all geopolitical zones, ensure regular power supply to industrial corridors, and expand gas‑to‑power projects, among others.”

Mbonu said Nigeria has become a rapidly growing city that calls for “future‑proof city planning, adding that urban plans must target 2050 population realities, mass‑transit systems, flood‑control measures, robust internet infrastructure and mixed‑use, climate‑resilient zoning.

 “By 2035, Nigeria will have the world’s third‑largest youth population. We must build capacity around skills, employability, self‑employment, digital jobs and manufacturing jobs, because a nation that fails to prepare for the future becomes a risk to itself.”

Chairman of the occasion, Engr. Yusuf Sagaya described Rev. Engr. Ette Ikpong Ikpong Etteh, co‑founder of one of Nigeria’s foremost indigenous consulting engineering firms, Etteh Aro & Partners, as the father of many successful engineers both locally and abroad. 

Sagaya, a seasoned Engineer, Consultant, and Fellows of Nigerian Society of Engineers(NSE) said that the celebrant in conjunction with his friend Lawrence Arokodare, has built a global standard of engineering practice in Nigeria.

 “There are no projects leaving Etteh Aro & Partners without being properly checked by at least two senior engineers. One engineer must cross‑check another, and approval must come from a senior engineer. 

“We are having problems in the consulting industry today because many designs are not being checked or approved by competent senior engineers. If all concerned engineers return to the professional guidelines and ethical standards adopted by Etteh Aro & Partners, Nigeria would not be in its current position regarding our professional output.”

The celebrator expressed gratitude to the association, UI community, well-wishers, and all who had worked tirelessly to make the event a reality.