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From Obinna Odogwu, Ekwulobia
The widespread call from all quarters for the diversification of the Nigeria’s economy from its present mono state of crude oil sales to other income earning ventures got a major support recently with the traditional rulers in Anambra State throwing their weight behind it.
Also in support of the proposal was the Anambra State governor, Chief Willie Obiano and former Governor Chukwuemeka Ezeife.
At a seminar organized by the Anambra State Council of Traditional Rulers recently in Awka with theme: “Diversification of the Nigeria Economy, A Sine Que Non for Sustainable Socio-Economic Stability and Growth,” the monarchs maintained that the only solution to the present economic woes of the country would be in its ability to open other channels of economic-cum-monetary inflow into the nation’s coffers.
In his keynote address, Dr Chukwuemeka Ezeife regretted that “if it had not been that the Nigerian man in politics has been messing up God’s design for unmatched greatness for the country, there is no way the current and increasing level of suffering and welfare misery in Nigeria can be explained or understood.”
He blamed selfishness, lack of patriotism, among others as major setbacks to the nation’s growth, noting that it was principally corruption and poor economic management that have left the country on death throes.
“Our politicians focus on not serving the interest of the people, but as Donald Trump, the Republican candidate for President of the USA has said, they focus on carting away the wealth of the country, and dumping such wealth in foreign banks. It was, therefore, the failure of man – the failure of leadership, the failure of economic policy, perhaps starting seriously from the military leaders that resulted in the de-activation of the economic diversification in Nigeria,” he said.
Ezeife while lashing out at the Federal Government for “clearly showing serious inability to provide key requirements for sustainable economic stability and growth”, suggested the provision of “power and other economic infrastructure, especially, water and transportation, science and technological education,” as the most important ingredients for the country to move out of this economic quagmire.
He insisted that “the greatest potential for diversification is in agribusiness.”
“We should also consider measures, which not only support diversification, but also strengthen the overall economy. It is necessary to examine the overall cost of production, especially the cost of manufacturing in Nigeria, and possibly find ways to reduce it so as to raise our ability to compete in the world market. Some years ago, some industrial establishments were wiped out in Nigeria when imports from China entered the Nigeria market at less than their costs of their production.
“We should consider using the pricing of petroleum products to bring down our cost of manufacturing. The pricing of petroleum products is singularly suitable for this purpose because it affects virtually every economic activity in the country. To achieve this, the importation of refined petroleum products must not be done by private importers. Otherwise a lot of money will be required for subsidies. We should estimate the quantity of crude oil which can meet our domestic requirement for petrol, diesel, kerosene, and other products. This quantity of crude oil is dedicated to the domestic market – to home consumption. It is processed by contract in Nigeria or with arrangement with foreign refineries. The prices of products are set low enough to bring down our cost of manufacturing and enhance our competitive position in the world market. It may be the policy to always recover the refining costs, including transportation. We can set the product prices as we consider reasonable – without reference to international price. This does not only increase diversification possibilities, which makes for greater economic stability and growth, it also strengthens the overall economy and strengthens the naira on continuing basis,” he said.
While voicing his support for the dare need of exploring other economic potentials of the country, Governor Obiano who was represented by his deputy, Dr Nkem Okeke, likened the nation’s economy to a masquerade which should not be watched while rooted to a spot.
“The national economy, you will agree with me, is not just any masquerade. It is an ‘Ijele’ of a masquerade, a spectacle of diverse proportions that impels whoever must watch it to incessantly shift positions as the urge for proper visibility dictates. It is my way of saying that the place of the diversified economy can never be overstated. No one promotes personal good health simply by indulging in feasting on a single diet forever. After all, it is always said that variety is the spice of life. All this is to stress that the national economy must run on diversified wheels, if it is to meet the challenges of this age and the multi-layered needs of our people.
“Why has the diversification of the economybecome more important today than ever before? The answer not only stares us in the face; it also mocks us with the pangs of avoidable difficulties- a depreciating currency, a dwindling gross national product and a sharp rise in the anguish and the tide of wails of our long-suffering masses. The problems stems from our monoculture economy.
“But the chickens have finally come home to roost. International oil prices have crumbled to lows unseen and unanticipated in decades. Consequently, receipts by the national treasure have almost dried up. Apart from Anambra and one or two others, most Nigerian states have fallen into intractable salary arrears. The jobless total has taken an upward spiral. Manufacturing is in death throes. Productivity is low. Prices are up. In less than one year, the value of the national currency has dramatically plummeted from N150 to N400 to the dollar. The entire country is being systematically eviscerated.
“I have painted this bleak and sombre picture, not because there is any personal or special benefit to be derived from singing a national litany of woes. My reason for speaking boldly on the state of the national economy is simply to emphasise that our sorry situation was avoidable – if only we had taken to heart the common sense of economic diversification. A monoculture economy is comparable to the foolish trader who puts all his eggs in one basket. Once he trips and falls, or the moment he is tripped and takes a tumble, all his eggs will go crashing into destruction and his impoverishment. That is what has happened to Nigeria. We placed our lifeline on oil and oil alone.”
The Chairman of the Council and traditional ruler of Onitsha, HRM Igwe Nnaemeka Alfred Achebe, pointed out that the sufferings of their subjects, and indeed other Nigerians are giving them sleepless nights, hence their call on the concerned authorities to mitigate the hardship pervading the surface of Nigeria through a varied income source to the nation’s coffers.
The Chairman of the Seminar Planning Committee, Igwe (Engr) Sunday Isaac Okafor, the monarch of Okpuno community, and Igwe (Dr) Sir M. C. Ngene, the traditional ruler of Nibo community in their separate speeches, disclosed that aside preaching the need for their subjects to venture into agriculture, they have mobilized the youths into agriculture and crafts as their way of engaging them profitably.
This was even as the monarch of Alor town, Igwe MacAnthony Okonkwo, while supporting the proposal, disclosed that he had been able to match words with actions in his community by giving financial grants to many of his subjects to explore agribusiness and other areas of choice.
