Nigeria Still Running 18th Century Economy —Ben Bruce

Nigeria Still Running 18th Century Economy —Ben Bruce
Senator Ben Bruce

Former lawmaker, Senator Ben Murray-Bruce, has lamented that Nigeria is still running an 18th-century economy dependent on crude oil and its turbulent prices.

He, therefore, urged President Muhammadu Buhari, to start the process which will enable Nigeria to join the rest of the world in the 21st century.

In a video on Twitter, Ben Murray-Bruce called for the Ministry of Science and Technology to be properly funded, noting that the biggest economies in the world are technology-driven.

He said, “We are already 21 years into the 21st Century, but here in Nigeria, we still run an 18th Century economy dependent on crude oil and its turbulent market prices.

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“Mr President, I urge you, we need to move to the 21st Century and join the rest of the world. We cannot afford to be left behind waiting for the price of crude oil to rise.

“The biggest economies in the world are technology-driven. For example, a 10 per cent increase in broadband penetration is associated with a 1.4 per cent increase in GDP growth in emerging markets.

“Technology encompasses a huge body of knowledge and tools that ease the use of economic resources as a way to produce goods and services efficiently.

“Technological progress is essential to economic growth and development, and the more advanced the technology is available, the more quickly our economy can grow.

“The Ministry of Science and Technology must be properly funded and run professionally to attract the best brains we have.”