Dr. Magnus L. Kpakol, CEO, Economic & Business Strategies |
The convener of the lecture,
Dr. Magnus L. Kpakol, who is also
the CEO of Economic and Business
Strategies (EBS), pointed out that the country has been talking about
diversification for a long time but had been unable to do so, adding that it
was difficult because the country is deriving money from crude oil.
Dr. Kpakol noted that the
country was not competitive as it ought to be because it has been unable to
produce goods and services at a competitive price. He said: “We have to be able to produce goods and services at the rate
that makes us very competitive and somehow we have not been able to do that
because our competences have been minimized by that fact that we have got a lot
of money that is flowing in through oil. The prices of crude oil began to rise
and we got comfortable with that and so it made us not to realize that we
should spend more time and energy developing the order areas. That is why we
have been talking about diversifying the economy for a long time but we haven’t
done it because we are getting money from some were but now we are faced with
the situation that has to be addressed.”
Dr. Kpakol cautioned that
the price of crude oil has declined and it is not very likely that it was going
to rise very sharply as we have seen before, adding that there are alternatives.
He stressed that government must find alternatives. He said: “We have to diversify because we have not done very well with
crude oil because it is very capital intensive and our people don’t have the
skill set necessary to be involved in that industry as they would like, but I
think we have alternatives.”
According to him,
agriculture now represents just about 26percent of export receipt which he said
was not really good adding that, GDP would increase if Nigeria diversify into
agriculture and more people would be producing goods and service, causing the
Naira to become stronger if people are buying Nigerian products.
In his own words: “If you look at the mode of transportation across Africa you
would see why the trade is not Robust as it should be. A situation where somebody
travelling from Gambia have to go to the Europe before coming into Nigeria and
that is not a good and healthy situation for trade but I think that as we do
more inclusive trade, if you look at trade among advanced economies, the trade
they have is overlapping trade.”
While speaking about the
private sector he said: “When we talk of Public Private
Partnership (PPP) in Nigeria we can do more, we really need to involve the
private sectors and lot more urging government to have a way of interfacing, interacting,
partnering strongly with the private sector.”
Dr.
Samuel Nii-Noi Ashong, in
his remark said: “I think the government has not been able to understand the
way the enabling environment for such exports to be proactively created in the
country and this is happening in international finance, international trade where
many economies are trying to ensure trade stabilization to strengthen the
external sector participation in international trade. He maintained that for
the fact that Nigeria has mono-economy is not really helping our exchange rate
and the best way to do it is to ensure that we increase in our export.
(Guardian)
NB: To get hold of “Contemporary
Steps-By-Steps Guide to Export Business Manual” click on: http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
This manual teaches the contemporary dynamics of export from Nigeria to foreign
countries to avoid any pitfall like being defrauded by the foreign buyer of
your products. It teaches all you need to know from the point of packaging your
exportable products to the point of being paid by the foreign buyer.
No comments:
Post a Comment