Lagos Business School Alumni Association (LBSAA) members constitute an important part of the Lagos Business School (LBS) community, because it is through its alumni’s activities and involvement that LBS achieves its long-term aim.
In this regard, LBSSA specially dedicated today, Alumni Day, to members of its alumni, to appreciate and celebrate them for their continuous support to the School.
The theme of the day, From Consumption to Production: Imperatives for a Successful Economic Transformation, allowed alumni discuss the different ways in which they can turn Nigeria’s economy around.
The guest speaker of the day, Dr Khwima Nthara, Lead Economist, World Bank, Nigeria, spoke to members of alumni on the roles they can play in transforming the society from a consumer oriented society to a production oriented society. “One of the main reasons Nigeria is still a consumer based society, is because we have a phobia for high prices, it requires a paradigm shift; the only variable that Nigerians are happy about is the price of oil, for us to truly transform, certain variables have to rise” he said.
He also stressed on the importance of investment in the Nigerian private sector, in order for transformation to take place. “For us to move from a consumer oriented economy to a production oriented economy, we have to focus on private investment. The government needs to create opportunities for the private sector to invest; once the private sector invests, it creates demand” he said.
Dr Nthara added that the increase in the private sector would solve deep-rooted issues in Nigeria, such as poverty and employment. “As private sector investments increases, production increases, and we create more jobs for the society and the poor; and we move from a consumer oriented society to a production oriented society” he said.
The day came to an end with lunch and a networking session.