Politics
A LECTURER at the Nasarawa State University, Lafia, Prof. Uche Uwaleke, has said that the Naira will bounce back, hyperinflation will be reduced and the pains Nigerians are going through will also be ameliorated.
Speaking at the 7th annual conference of the Guild of Corporate Online Publishers (GOCOP), the Professor of Capital Market and Special Adviser to the Senate Committee Chairman on Capital Market, stated that the moment Nigeria stops fuel importation, about 54 per cent of the cost of fuel will be taken care of.
According to him, fuel importation accounts for 54 per cent of the fuel price and that local refining alone will eliminate the cost of importation.
He assured that local refining would automatically reduce the bleeding of the Naira and reduce inflation because fuel pushes the prices of all other commodities and transportation up.
His urged Federal Government to intensify all the strategies to get the refineries working and that will firm up the Naira.
Uwaleke also suggested that the Federal Government should sell or privatise government’s assets only at the Capital Market to ensure transparency, due process, corporate governance and the spread of equity to interested Nigerians.
“The NNPCL should be taken to the Capital Market, even if it is a small percentage that is to be sold. This is because they will be under obligation to publish their records. Nigerians will take up equity in it. Saudi Arabia did so with Aramco, where 5% was sold. Do part privatization of the refineries at the Capital Market,” he said.
He also said that states and regions should cooperate and build joint ventures in businesses peculiar to their areas and on which they have comparative advantage.
Uwaleke harped on the need to adopt the highly cherished One-State-One-Product, OSOP concept and establish industries in products they have adopted.
“It is a pity that what they put in the OSOP project is N1m per year. Why not pump huge sums, especially from the surplus to it and boost industrial ventures in states,” he said.
Speaking on what he called ‘Productive-Base Expansion/Diversification’, Prof, Uwaleke said that changing the structure of the economy from mono product to a multi-product one and having capacity for multiple sources of forex are the way out of the current challenges.
According to him, this move will enable the economy to gravitate from primary products to intermediate and finished products as well as shift from import-dependency to export-led economy.
“Promoting industrial parks and privatization of state-owned businesses such as NNPCL through the capital market for inclusive economic growth,” he added.
Earlier in her welcome remarks, the President of GOCOP, Maureen Chigbo, said that security was important as there can be no investment without security.
Speaking on the essence of the conference, Chigbo said: “There is a new administration in town, so there is the need to assist them with professional information to build a sound roadmap.”
Giving the background of GOCOP and the choice of Abuja for annual conference, Chigbo, who is the publisher of RealNews, an online media outfit, noted that the group is made up of mediapreneurs, who she described as seasoned practitioners that have gone through it all.
She assured that GOCOP has in place mechanisms to control and discipline any erring member to ensure credibility in online journalism.
The Chairman of the conference, Prof Ishaq Oloyede, Registrar, Joint Admissions and Matriculation Board, JAMB, agreed with the GOCOP leadership, saying it is a right time to set agenda for the new governments at the national and sub-national levels and that the choice of the theme for the conference “Nigeria: Roadmap for Socio-economic Recovery and Sustainability” was apt and relevant.
He said that the Nigerian state was undergoing tremendous pressure under an excruciating socio-economic environment.
“The country’s Gross Domestic Product, GDP, though positive, has been growing at a declining rate over time. GDP growth was 5.01 per cent during Q2, 2021 compared with a growth of 2.51 per cent during Q2, 2023.
“Similarly, inflation rate worsened, as it increased from 19.64 per cent in July 2022 to 24 per cent by July 2023. “Much more worrisome is the value of the Naira. It has now depreciated to above N700/$1.00 in the official market and above N1,000/$1.00 at the parallel market. These economic phenomenal have further put pressure on the well-being of Nigerians,” he said.
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October 8, 2023 @ 19:58 GMT|
Tags: Maureen Chigbo Prof. Uche Uwaleke
