Expert predicts naira’s recovery, suggests viable economic roadmap for Nigeria at GOCOP conference
At the 7th annual conference of the Guild of Corporate Online Publishers (GOCOP), Professor Uche Uwaleke shared insights on when the ailing Nigerian Naira may recover, offering hope for reduced inflation and economic stability.
As a professor of capital market at Nasarawa State University and Special Adviser to the Senate Committee Chairman on Capital Market, Uwaleke emphasized the need for Nigeria to stop importing fuel, as fuel importation accounts for approximately 54% of the fuel price. By focusing on local refining, he believes that a significant portion of the cost can be eliminated, leading to a stronger Naira.
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Uwaleke urged the Federal Government to intensify efforts in reviving the country’s refineries and proposed selling or privatizing government assets at the Capital Market to ensure transparency, due process, corporate governance, and equitable distribution of ownership among interested Nigerians.
He particularly suggested taking the Nigerian National Petroleum Corporation Limited (NNPCL) to the Capital Market, even if it is only a small percentage to be sold.
To further strengthen Nigeria’s economy, Uwaleke stressed the importance of states and regions collaborating and forming joint ventures based on their local businesses and comparative advantages.
He highlighted the One-State-One-Product (OSOP) concept, encouraging the allocation of larger sums, especially from surplus funds, to boost industrial ventures in each state.
By diversifying the productive base, moving from a mono-product economy to a multi-product one, and transitioning from import-dependency to an export-led economy, Uwaleke believes Nigeria can achieve sustainable growth and multiple sources of foreign exchange.
Maureen Chigbo, the president of GOCOP, emphasized the importance of security in attracting investment and outlined the conference’s objective to assist the new administration with professional insights to develop a sound roadmap for the nation. She underlined that GOCOP comprises seasoned mediapreneurs who have experienced various challenges and established mechanisms to maintain credibility in online journalism.
Prof Ishaq Oloyede, Chairman of the conference and Registrar of the Joint Admissions and Matriculation Board (JAMB), supported the conference’s theme of “Nigeria: Roadmap for Socio-economic Recovery and Sustainability,” emphasizing the urgency to set an agenda for the new governments at both national and sub-national levels.
Professor Uwaleke’s insights and expertise during the GOCOP conference shed light on potential solutions to Nigeria’s economic challenges. With his prediction of when the Naira may recover, his suggestions for fuel independence, refinery revitalization, and capital market privatization, Uwaleke provides a roadmap for socio-economic recovery and sustainability.
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