… says strong currency not needed
While many have been calling for Nigeria to have a strong and virile currency that competes favourably with other global currencies, foremost technocrat, Mustapha Chike obi has advocate that weak currency will propel Nigerians to work.
The former DG, Asset Management Company of Nigeria (AMCON) Mr. Mustapha Chikeobi has debunked generally accepted myths in Nigeria that among other things, that strong currency is good for the country.
Speaking at an event in Lagos on Tuesday, Chikeobi said that instead of having a strong currency, weak currency is good for the country; and would make Nigeria brace up to the realities of the time and become competitive in the global sphere.
“Strong currency is not good for Nigeria, a weak currency is better. Weaker currency enables you to become competitive.”
Stressing on how countries of the world rode on the back of weaker currency to enhance their economies, Chikeobi said that Brazil had very weak currency, but took the opportunity to enhance its economy and today, Brazil’s productive capacity is envied across the world, adding that Nigeria can borrow a leaf from Brazil.
Urging Nigerians to be committed to building a strong and virile economy, which entails making collective sacrifices, Chikeobi said, “We must all make sacrifices and make sure that no one flies first class, drinks Champaign and other ostentatious lifestyles.”
He added: “I am not advocating going back to the primitive days, but, we must start thinking of collective sacrifices.”
While debunking what he referred as the generally accepted myths in the country, Chikeobi also said that against the general believe that anytime the economy contracts or expands, it is linked to oil, he pointed out that oil’s contributing to the economy was meager when the overall Gross Domestic Product is considered.
He said agriculture and industrialization should be the main driver of the economy.
Using the state of California as helping in boosting the US economy through agriculture, Chikeobi said “the question should not be how many people are into agriculture, but how well are we doing it.”