An industrialist, Chief Eric Umeofia, has advised the Federal Government against devaluing the country’s currency but stresses the need for the diversification of the economy.
Umeofia, Chief Executive Officer, Erisco Foods Ltd., said this in an interview with the News Agency of Nigeria (NAN) on Monday in Lagos.
Umeofia, who joined many others against devaluation of the currency, said diversification of Nigeria’s economy was imperative for long-term sustainability and growth.
He said, “If we do not produce, how can our money have value. What will bail us out is if we start producing to meet our local needs.
“When we achieve sufficiency in our local demands for goods then we can think of exporting, thereby eliminating our dependence on imported goods.
“We also need to change our consumption pattern; embrace our locally produced goods to strengthen the naira.”
According to him, the outcome of diversification means that Nigeria will not depend on crude oil for 95 per cent of its GDP.
“A robust economy will also make Nigeria join the ranks of economically buoyant and industrialised nations like the U.S., China, Japan and India,” Umeofia said.
He stressed that industrialisation was the panacea to developing the economy, reducing unemployment and poverty among the citizens.
“Increasing productivity of the manufacturing sector should be the focus of government because other countries that faced similar challenges in the past resolved them through industrialisation of their economies.
“Countries like Hong Kong, South Korea, China and India embraced industrialisation as a vital part of their national planning and today they have become reference point as industrial giants,” he said.
Umeofia said the economy could achieve recovery and sustainable growth through technological innovation, enterprise development and increased industrialisation.
