By Sylvester Enoghase – Lagos
The unprecedented crash of the crude oil price from June 2014 in the international market and the subsequent devaluation of the Naira by the Federal Government have be described as a pointer to the fact that the salvation of the Nigerian economy in the future depends on massive agricultural revolution and local manufacturing.
The Director General of the Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf, who stated this in Lagos on Thursday noted that the development of the nation’s vast agric potential was the only solution to the incessant distortion of the Nigeria’s economy by the market forces in the short run by the President Mohammadu Buhari led government.
He stated this while fielding questions from journalists in his office that Nigeria has left its economic fortunes to the vagaries of the international market forces through excessive importation, and that it was high time private investors latched in on this situation and helped the government out through agriculture and manufacturing.
According to Yusuf, since private investors took over assets of the defunct Power Holding Company of Nigeria (PHCN) on November 1, 2013, the Nigerian electricity supply industry has been characterised by a vicious cycle of limited rise in actual supply to customers and unlimited drop.
Source : Independent