Registrar/Chief Executive Officer, Institute of Credit Administration, Prof. Chris Onalo, speaks on how to fix the country’s economy in this interview with NIKE POPOOLANigeria, a country endowed with countless natural resources, at 60 is still in a sluggish condition. Nigeria has not been able to showcase its potential to the world.
If you are to advise the government’s Economic Advisory Council on how to fix the economy, what would be your counsel? COVID-19 is taking its toll on different countries’ economies and Nigeria is expected to slide into recession in the third quarter. How should the effect of the recession be handled? A buoyant economy has abundance of clean and accessible water. A buoyant economy has an unprecedented educational system that is rooted in perfect conditions. So, where is the buoyant economy? Our national currency is at its lowest ebb. There was a time Nigeria’s currency was one dollar to one naira. What is it now? We cannot even make it within the ECOWAS. We have never had a buoyant economy.
Look at the behaviour of Ghana in recent times, imposing whooping amounts of money on foreigners. Is the treaty encouraging separation? Look at how integrated the European Union nations are. The ECOWAS treaty is to encourage free movement of people and free movement of goods and services, but that is not. Assuming it is going to be a treaty that is going to be respected, why not.