Mr Bode Agusto, Chief Executive Officer of Agusto and Co, was the keynote speaker at the 2nd Vanguard Economic Discourse held in Lagos on Friday. At the occasion, held under the theme, Economy in Rebound: Pitfalls, Trajectories and Resetting, Agusto outlined how Nigeria can win on the economic front. The keynote speaker’s speech:
Please let us start by debunking certain myths in our country.
First, “Nigeria is an oil rich country.” False, because oil revenue per person per annum in Nigeria in 2013 when crude oil prices averaged over US$100 per barrel was US$520. In Qatar and Kuwait, it was US$31,000 and US$27,000 per person respectively.
Those are the oil rich countries because there isn’t much that anyone can do with US$520 per person per annum.
Second, “Nigeria’s population is a strength.” False, population is only a strength if it is well educated,…
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