The Ooni of Ife, Oba Adeyeye Ogunwusi, said yesterday that the Nigerian system was frustrating its youths. 

He also blamed the current economic hardship in the country on “heavy dependent” on foreign goods.

The monarch stated this in his convocation lecture at the Kwara State University (KWASU), Malete.

The lecture was entitled: Practical entrepreneurship: Leeway to Nigerian economic recovery and growth.

Ogunwusi added that “70 per cent of Nigerians are youths. They are vibrant, energetic and purposeful driven; they can think outside the box, yet they are frustrated by the system. The system has not encouraged ýthem.”

He listed investment, production and consumption as some of the ingredients for a viable economy, adding that the way out of the economic recession is huge investment in locally made goods.

“If we change our orientation, ýthings will move forward properly for the country. There is no shortcut to success. We have propensity to consume but no propensity to produce. In the 60s Nigeria had so much money and did not know what to do with the currency, then our propensity to produce started dropping.

“One of our fundamental problems in this country is that we don’t want to learn from our mistakes. We have forgotten how to link all economic ingredients for economic recovery in Nigeria.

“The current economic hardship in the country is a blessing in disguise. It is making us think inwardly, as state governments are now collaborating.

“How well we are thinking out of the box; that is food for thought for us all in Nigeria. Necessity is the mother of invention.

“The leeway to economic recovery in Nigeria lies with you and I. Let us believe in our country and think positively,”ý he said.