With the current exchange rate policy of the Central Bank of Nigeria among others, a Professor of Resource Economics, Quantitative Techniques and Economic Planning in the Benson Idahosa University, Prof. Rex Oforitse Aruofor, has predicted that the economy may soon recover from recession.
Speaking at the 6th Inaugural Lecture Series of BIU with the theme, ‘’Economic Systems Engineering, Poverty, Unemployment and Under-Development: A Quest for Solution and Imperatives for Developing the Nigerian Economy”, Prof. Aroufor however urged President Mohammadi Buhari to appoint technocrats and realists to occupy the driver’ seats in the planning and management of the economy if the nation’s economy must make drastic improvement.
For the nation economy to witness fast growth and adequate revival in its financial system, he said the Federal Government should inject more funds into agriculture.
Specifically, he advised the Federal Government to borrow $30.5 billion and invest it into agriculture with a view to creating more jobs for unemployed Nigeria youths, saying, unemployment would continue to haunt the nation until appropriate infrastructure, industries and power are developed and established to meet the challenges.
He urged the Federal government to allow the mining of solid minerals to be left for experts as well as build more refineries and make the right policy that will favour the economy.
He recommendations to revamp the economy also include to borrow and complete the Ajaokuta iron and steel mill, develop the petro-chemical industry, establish and develop machine tools and bolts and nuts industry.
Others are establishment of refineries to satisfy domestic and regional markets, development of agricultural industries like food processing, mobilization of masses into agricultural production and review of the land use policy.
Vice-Chancellor of BIU, Prof. Ernest Izevbigie in his remark expressed optimism that the Nigeria economy was in the right direction with the intervention of the CBN to inject more dollars into the forex market.