Steve Omojafor, Chairman of Zenith Bank Group has identified lack of innovation as a strong militating factor affecting Nigeria’s economy.
He noted that in 2014, Nigeria’s inflation rate stood at eight per cent while unemployment was at a disturbing 30 per cent. He put lending rate to be at 25 per cent. According to him, after the rebasing of the economy, Nigeria was discovered to have so much than she had earlier thought and that the economy had become bigger and larger than anybody had imagined.
He said that Nigeria’s high population is not a problem but the fact that Nigeria as a nation is not creative enough is the problem.
“Twenty per cent of the population was enjoying the lion share of the common wealth. The country’s debt profile keeps rising. Despite the fact that Power Holding Company of Nigeria was unbundled, power remains unstable,” he said.
