Professor Pat Utomi has emphasised that meaningful investment in education is crucial for enhancing national productivity and economic prosperity, warning that Nigeria’s deteriorating quality of life cannot be reversed without urgent reforms in human capital development.
In an interview reflecting on the state of the Nigerian economy, Utomi said governments at all levels must prioritise education if the country hopes to boost production and improve livelihoods. Comparing the present economic conditions with those of the 1960s, he noted that Nigerians had a higher quality of life decades ago, mainly due to active rural economies, functional education, and a clear development strategy.
“Back then, rural dwellers in commercial agriculture had real income and savings. Banks mobilised rural savings and fuelled urban lending. Today, 75% of Nigerians in rural areas live in chronic poverty with no savings,” he said. Utomi dismissed the relevance of GDP rebasing as a tool for gauging citizen well-being, branding it a case of “happy statistics, unhappy people.” He argued that GDP growth means little if it does not translate to increased output, job creation, and better living conditions.
According to him, the informal sector remains underreported, while Nigeria continues to borrow without channelling loans into productive sectors. “Borrowing is not inherently bad, but we are borrowing to consume, not to produce,” he said. “We are still running a profligate government.” He criticised political distractions and poor governance, warning that Nigeria’s neglect of education and skill development is a critical barrier to economic transformation. “The competitiveness of nations today is built around education. If we fail to invest, we will continue to fall behind,” Utomi warned.
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