Personal Statement

My country Nigeria, like many mono-product economies, is battling external shocks occasioned by the collapse in oil price. Economic growth is on the decline with Real Gross Domestic Product (GDP) down for two consecutive quarters as reported by the National Bureau of Statistics. In the face of recession is mounting inflationary pressure which has complicated efforts to restart growth. All these have combined to create an adverse business climate with many firms shutting down operations and laying off workers. The result is high unemployment rate, food shortages and increasing poverty.

My country is rich in human and material resources- Africa’s most populous country with huge oil and gas reserves as well as solid mineral deposits.  Nigeria has a very rich culture, good climate stable democracy and huge tourism potentials. Yet, year after year, the country occupies one of the lowest rungs in the United Nations Human Development Index. This outcome is a direct consequence of corruption and mismanagement of resources especially since oil was discovered in commercial quantities after her independence. Other sectors, following the discovery of the ‘black gold’, were left to rot. Unfortunately, the private sector is not enabled to drive growth. Challenges such as weak infrastructure, lack of access to cheap funds and multiple taxes conspire to stifle growth of Small and Medium Enterprises. The financial markets are shallow with a significant proportion of the population financially excluded. Corporate governance remains a major issue in Nigeria. Clearly, my country Nigeria is yearning for men and women with the requisite skills to manage the economy better and change the Nigerian story from that of disillusionment to hope. God willing, I intend to be one of the change agents in the very near future.

A current debate in Nigeria today- one triggered by the suggestion put forward by foremost entrepreneur Aliko Dangote- is whether the country should sell some stakes in state-owned companies in order to raise the much needed foreign exchange and stabilize the forex market. Opinions have been sharply divided with the opposing camp opting for increased government borrowing as a way out of the economic recession. It is my wish to be part of any robust debate on how best to manage my country’s economy.  My hobbies which include reading periodicals such as The Economist, Management Today and The Financial times are in sync with this desire.

Be that as it may, this source of knowledge has its limitations. Critical thinking skills and capacity to analyze management decisions such as the impact purchasing parties could inflict on locals and shareholders should they decide to implement asset stripping (illustrating the practicality of “Game Theory”: a concept introduced to me in Thinking strategically: The Competitive edge in Business, Politics and  Everyday Life) can be acquired by taking up a relevant field of study in the University.  It is the capacity to analyze seemingly complex management and economic issues that has elicited my interest in the fields of Management and Economics.