Pat Utomi Critiques Nigeria's Economy as Rent-Seeking System

Pat Utomi, speaking in Benin City, Edo State, described Nigeria's economy as a "feeding bottle economy," where a segment of the elite relies on public resources for personal gain rather than fostering enterprises that generate jobs and economic opportunities. He asserted that Nigeria's economic issues stem not from a lack of resources but from a system that allows wealth accumulation through connections without corresponding societal value creation.

Utomi emphasized that true wealth creation should lead to job creation and improved living standards. He lamented Nigeria's underdevelopment despite its abundant resources, contrasting it with countries like Qatar and Saudi Arabia.

He attributed the problem partly to the Nigerian elite's reluctance to invest in institutions and human capital. Additionally, he criticized the lack of competition and innovation in the Nigerian economy, stating that powerful interests often obstruct emerging entrepreneurs to protect established economic interests.