Economic Hardship: Professor Damian Mbaegbu Calls for Self-Reliance and Structural Reforms

In a powerful address at the 26th inaugural lecture of Igbinedion University on October 24, 2024, Professor Damian Mbaegbu, a renowned business management expert, laid bare the grim realities of Nigeria’s economic crisis.

Speaking on the theme, "The Incidence of Mass Poverty in Nigeria: A Case of Self-Inflicted Injury on the People by the People," Prof. Mbaegbu highlighted the staggering fact that over 80% of Nigerians are currently living in poverty, underscoring the urgency of economic reform and self-reliance.

According to Mbaegbu, Nigeria’s vast resources should be more than sufficient to provide for its citizens, yet systemic challenges have left the majority in poverty. He encouraged Nigerians to pursue self-employment as a route to self-sufficiency, emphasizing that the nation's natural and human resources present untapped potential for economic empowerment. “Nigerians have no reason to be poor,” he asserted, expressing frustration over the escalating poverty levels and advocating for political and social restructuring as a pathway to alleviate mass poverty and, eventually, eliminate it.

The university’s Vice Chancellor, Professor Lawrence Ezemonye, reaffirmed the importance of inaugural lectures in academia, noting that they allow professors to share their insights and research with a broader audience. Friday Bakare, the Registrar of Igbinedion University, also praised the event, calling it timely and expressing hope that the nation’s economic challenges would soon see a turnaround.

The event concluded with a renewed call for structural reforms and an appeal for Nigerians to harness their resources, aiming toward a future with reduced poverty and greater economic stability.