Nigeria’s Economy Is Currently Experiencing Shock – Chris Ngige




Nigerian economy is experiencing shock arising from the
economic downturn occasioned by the sharp drop in the prices
of crude oil in the international market.


Minister of Labour and Productivity, Senator Chris Ngige,
says that only economic diversification can help the
country reduce massive unemployment and overcome the
current economic recession.
According to him, the present realities demand
diversification into agriculture, fisheries, mining and
energy, stressing that investment in these areas would go
a long way in reviving the economy.
Ngige who spoke as Guest of Honour at the 14th
Fellowship and Award Ceremony of the Fisheries Society of
Nigeria (FISON) in Abuja at the weekend, also said Nigeria
is currently at the crossroads.
Said he, “The Nigerian economy is experiencing shock
arising from the economic downturn occasioned by the
sharp drop in the prices of crude oil in the international
market.
“We should even be happy that the economy is not
convulsing as a result of mis-governance and planlessness
of the last 16 years. Our people did not anticipate the
slump in oil prices.
“It was the profligacy of the past that brought us to the
present situation and we don’t have the wherewithal to
effect the change we promised Nigerians that is why we
have made diversification our policy thrust”.
Ngige appealed to the executives of the FISON to embrace
the government’s diversification policy by creating jobs
through massive fish production in the country.
In his address, the National President of FISON, Dr. Olajide
Ayinla lamented that Nigeria has become the biggest
importer of frozen fish, a development which he said, was
crippling local fish production in the country.
He appealed to the Federal Government to ban the
importation of frozen fish into the country in order to
encourage local fish producers to expand their production
frontiers.
Dr. Ayinla called on the Federal Government to upgrade
and rehabilitate fish production laboratories and other
research facilities in the country, saying the facilities are
either dilapidated or working far below capacity.
He raised the alarm that the Kirikiri Lighter Terminal, which
was designated as terminal for the Nigerian Fisheries
Trawlers Owners Association (NITOA) by the Obasanjo
administration, is about to be taken away from the
association.
“By implication, there will be no Terminal where NITAO can
effectively operate. This is a huge investment under
serious threat and the intervention of the Federal
Government will restore hope and confidence to this
important sector of our economy”.
Dr. Ayinla also blamed slow implementation of the
government’s policy on certification of aquaculture
products as setback for the exportation of shrimps from
Nigeria to the European Union market.
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