Lagos – Mr Sam Ohuabunwa, Chairman of African Centre for Business Development Strategy and Innovation, on Tuesday urged Nigeria to emulate other countries that had transformed into private-sector led economies.
Ohuabunwa made the appeal in Lagos at this year’s annual lecture of the Nigerian-Finnish Association, titled “Nigeria Without Oil: Opportunities for the Private Sector’’.
“The current oil price crash which has lasted longer than previous ones has finally thrown our country into serious economic crisis similar to what we had in 1984 to 1986.
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“Just within one year of the fall in oil prices, our country is in economic crisis.
“In my view I think that the private sector has the responsibility and the capability to fill the gap and permanently change the structure of the Nigerian economy.
“We need to learn from countries like Finland, Japan, China, Singapore and the United Arab Emirates that have all transformed into private sector-lead diversified industrial nations,’’ he said.
According to him, the disempowerment of the public sector will reduce corruption and make more Nigerians accountable.
Ohuabunwa said that “unleashing’’ Nigeria’s private sector would diversify the economy, create sustainable wealth, jobs and as well raise tax revenues.
The business development expert expressed optimism that the private sector would create more revenue for the government than it was getting from oil.
Ohuabunwa also said that it was imperative for the private sector to be encouraged to exploit the nation’s “huge gas resources’’.
“We need huge private sector investment to exploit our huge gas resources.
“In spite of the slump in global crude oil demand, there is still high and profitable demand for Liquefied Natural Gas (LNG).
“We need to build fertilizer plants that will utilise our gas and create wealth. This will help to fill huge domestic demand and generate foreign exchange from export,’’ he said. (NAN)