Hard work, not prayers, will revive Nigerian economy – Bank chief

For Nigeria’s economy to be revamped, its citizens must go out and work hard instead of depending on prayers, the Chairman, Standard Chartered Bank Ltd, Oluremi Omotosho, has said.

“Prayers and bold pronouncements are not enough,” Mr. Omotosho said recently in Lagos, during the investiture of the president of Rotary Club of Ikeja, District 9110, and the induction of new Board of Directors for the club.

“We need to work both hard and smart, with our leaders leading the way.”

Since the global fall in oil prices, the most populous black nation in the world has been thrown into serious economic crisis, with the naira on a free fall against the U.S dollar, increasing rate of inflation, with most state governments unable to pay their workers.

Figures released on Wednesday by the National Bureau of Statistics confirmed that the country is in recession.

Even with the economic hardship, Nigeria is known for spending billions of naira to sponsor religious pilgrimage.


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A 2015 survey by WIN/Gallup International showed that the country is one of the most religious in the world; Eighty-three per cent of Nigerians who responded to the survey considered themselves religious.

Mr. Omotosho said the country’s economy could be grown back to its robust status if the leaders are determined to make it happen. There must be integrity and accountability in the management of national assets, he said.

“We must shun those corrupt practices that have depleted our foreign reserves and made implementation of the plan on capital development, particularly in the area of infrastructure, almost impossible.”

In her inaugural speech, Olaitan Ojuroye, who is the 50th and first female president of Rotary Club of Ikeja, said she would focus on tackling poverty.

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