Nigerian Economy Cannot Survive On Mono Product-NACCIMA

By Oladele Ogunsola, Ibadan.

Nigerians have been asked to brace up, face the challenges occasioned by the fall of price of oil in the international market and find a lasting solution to the economic hardship brought on the citizenry by the unexpected development.

 This is because the prices of petroleum products would continue to fall in the world market because developed nations have found alternative to the use of petroleum products.

The Vice-President, National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Olaitan Aabi, who made the call in Ibadan at the weekend, maintained that “Nigeria cannot survive with her mono-economy”.

As part of his solution to the myriads of problems confronting the country, he called on Nigerians in Diaspora to return home and assist the Nigerian economy by establishing industries with a view to arresting the high rate of unemployment in the country.

He spoke at the inauguration of Yebaot Automobiles Limited, Ibadan, where he noted that the establishment of industries by wealthy Nigerians now that the country was trying to diversify the economy would go a long way in reducing unemployment rate.

The NACCIMA boss posited that government alone could not do it, adding, “the country needs foreign investments to boost the economy and reduce dependence on petroleum products”.

Alabi, who recalled that most of the infrastructures in the state were made through proceeds from agricultural produce, said “now that we do not have agriculture and we depend on petrol, we have failed to manage our resources, hence, Nigerians are sufferings.

“The price of petrol in the world market has shattered our economy as state governments are unable to pay workers’ salaries which have affected the whole economy.

“We do not need petrol, we need to go back to agriculture, we have to face agriculture to put an end to our sufferings”, the NACCIMA boss declared.

Speaking, the Chief Executive Officer (CEO) of the new company,  Yomi Olatinwo assured that the country would provide vehicles at reasonable prices to artisans, government officials and other interested members of the public.

Latinwo, a Nigerian based in the United States of America said he decided to return to contribute to the economic development of the country, adding, “the company would go into partnership with foreign companies with a view to establishing automobile industry in Nigeria, while more branches would be located in Lagos and Oyo”.

Source : Independent

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