Economic crisis in Nigeria: University Don gives panacea

A Professor of Economics and acting Vice Chancellor of Ignatius Ajuru University of Education, Professor Okechukwu Onuchukwu, has given some insight to the problems bedeviling Nigeria. In an exclusive chat with Africa Update he listed some Remedies to the many economic woes to include the need for Government to step up production of goods and services in order to reduce importation.

The renowned Economist said there is urgent need for Politicians to greatly reduce the demand for foreign currency and spend more of Naira within the domestic economy. He stressed that the Central Bank of Nigeria, CBN, should allocate foreign exchange to only genuine business men and women for business growth and development. Reiterating that Nigerians should buy more of locally produced goods than imported goods.

Prof. Onuchukwu, further noted that MSMS should be encouraged with single digit interest rates on funds borrowed for expansion and growth. While the establishment of modular refineries must be encouraged to eliminate ‘kpo fire’ (illegal refineries) and increase production of petroleum products for domestic consumption and export ( and earn foreign exchange).

He said, the implemention of the above, will also eliminate subsidy scam and save the foreign exchange used in importation of petroleum products as well as reduce the pressure on the value of the Naira.

His words: ” We must reduce unnecessary demand for foreign currency and improve on our educational infrastructure and services to encourage Nigerians to patronise domestic schools. Government should also make policies (Education) that will discourage people from sending their children abroad for study, after improving the infrastructure and services in public and private schools in the county. E.g. Certain courses must be studied within the county and not outside. Particularly in Arts, Social and Management Sciences, education and some areas in Science/Agriculture.”