The North has the population, resources and economic potential to build a stronger regional economy, but a significant share of wealth generated by its elite is being invested outside the region, former Vice-Chancellor of Ahmadu Bello University (ABU), Prof. Daniel Iyorkegh Saror, has said.
Saror made the remarks during an appearance on Reminiscences, a Trust TV programme, where he discussed the economic challenges facing the northern region.
According to the former university administrator, wealthy northerners have established successful businesses and investments in parts of southern Nigeria, but insufficient capital is being channelled into industries and businesses within the North.
He argued that the pattern limits the region’s ability to create sustainable employment and develop businesses capable of driving long-term economic growth.
Saror said the North has considerable human and natural resources that could support a thriving economy if more private capital were invested locally.
The comments highlight the importance of domestic investment in developing regional economies, particularly in areas where limited industrial activity and employment opportunities remain major concerns.
Investment in manufacturing, agriculture, infrastructure, services and other productive sectors could help create jobs while strengthening local supply chains.
For the North, retaining and reinvesting more locally generated wealth could also reduce dependence on government spending and encourage the growth of private-sector enterprises.
The issue goes beyond where wealthy individuals choose to invest their money.
It also raises questions about whether northern states have created the business conditions needed to attract and retain private capital.
Reliable infrastructure, security, access to finance, market opportunities and supportive economic policies are among the factors that can influence investment decisions.
Saror’s remarks therefore place attention on both the responsibility of the region’s wealthy business community and the need for an environment capable of supporting private investment.
If more capital can be directed into productive businesses within the North, the region could strengthen its industrial base, expand employment opportunities and retain a greater share of the wealth generated by its people.
The challenge, ultimately, is turning the North’s existing resources and private wealth into investments that generate broader economic value within the region.
