Go back to economic policies of the 1960s - Experts to FG

The Global Trade Forum, a non-governmental Organisation (NGO) has said that economy policies of the 60s will assist the Federal Government in diversifying the economy.
The NGO Lead Director, Dr Gregory Achimugu, gave the advice in Abuja on Thursday.
Achimugu recalled that Nigeria as an emerging economy was doing well in the 60s because it was not practicing a mono-economy that focused on exploring one product for economic gains.
He said now that the Nigerian economy depended heavily on crude oil, the fall in the price of crude oil at the international market had taken its toll on the economy.
“The most logical thing for the country to do is to diversify. There are various ways of doing this. You can do this through agriculture.
“In the 60s, the North was known for groundnut, the East was known for palm oil and cashew while the West was known for cocoa.
“With these products, Nigeria was able to build University of Nigeria, Nssuka, Ahmadu Bello Univeristy, Zaria, among other higher institutions of learning in the country,’’ he said.
Achimugu also called for drastic methods to address revenue decline at the moment.
He said that to boost revenue in the short term, Nigeria should focus on agriculture, especially growing crops with short gestation period, high yield with export value.

“We can also go into mining. Mining of limestone should be revived. We already have mining facilities scattered all over the country. Let’s make use of them.
“We also need to resurrect our tourist centres. We have a thousand and one tourist centres that are not adequately developed. Nigeria should develop them to their full capacity.

“Artifacts like the car where Murtala Mohammed was shot in can attract tourists if it is well displayed. Even the weapons and cars used during the Biafra.“We can also open up the Lake Chad Basin further for tourism. The whole of Plateau State could be made into a tourist town. The weather, the scenery is perfect for such a project,’’ he said.On tax to boost revenue, Achimugu said that the government should take luxury taxation very seriously.“There are people in this country who move around with five Land Cruisers at the same time, they live in a three story building alone, and pop expensive wine and champagne every day.“Such people should be taxed heavily for such extravagance. This is what is done in developed countries.’’

Another economist, Mr Jonathan Kwasau from Kaduna State University, Faculty of Agricultural Science, said that Cassava was one agricultural produce with huge potential for the economy.“Cassava is a high yield crop. It can be grown in any part of the country. It requires low fertiliser to grow and less care than most crops and at the same time it is of economic value.“In fact, cassava can guarantee huge revenue for the country if attention is adequately paid to it. It can be eaten locally or exported.“Today cassava flour has become very lucrative for local bakers. It is used for garri and we know what garri is to an average Nigerian.“There is also starch and other side dishes made from cassava.“Casava is an important crop that is why it is one of the value chains of the current administration’s Agricultural Transformation Agenda,’’ Kwasau said.