Nigeria’s ailing economy was on spotlight in a landmark conference in Lagos on Thursday organised by the Association of Maritime Journalist of Nigeria (AMJON).
The president of the association called on the nation to direct its energy on production for domestic consumption and export to earn the needed foreign exchange, even as they waiting for foreign investors when they will decide to bring their investments and forex to the country.
In his opening remarks at the conference themed, ‘ Rebuilding Nigeria’s Economy Towards a Viable Trans-Border Trade’, President of AMJON, Paul Ogbuokiri, harped on the need for Nigerians to look inward by focusing on massive production for domestic consumption while “the excess can be exported”.
According to him, the theme of the conference was deliberately chosen in consideration of the poor state of Nigeria’s mono economy which he says requires urgent action to lift the country out of it current economic crisis.
He stated that in the 70’s and early 80s when Nigeria had a strong currency most manufactured goods consumed in the country were locally produced. He added that non-oil export is the solution to the forex scarcity confronting the country in the face low revenue from crude oil and dearth of foreign investors.
He expressed concern over the nation’s unfavorable balance of trade occasion by over dependence on oil and the apparent lack of concern by relevant authorities.
“Now the shock has become permanent as our crude oil has become encumbered.
“Large portion of it now goes into payment of debts acquired and squandered by politicians while the other portion of it is being stolen by powerful people.
“We are therefore left with little or no foreign exchange to finance our necessary and unnecessary imports” he said.
Ogbuokiri commended the efforts of President Bola Tinubu’s administration towards solving the nation’s economic problems while noting that non-oil exports holds the key to the nation’s economic progress particularly with regards to intra- African trade.
He further lauded the agreement between the Nigeria Customs Service and Customs Administration of Benin Republic, saying the conference is coming at the right time as it is aimed at identifying incumberance to free flow of trade across Nigeria’s border with Benin and proffering solution to them.
