How to revive Nigeria’s dwindling economy, by Iwuanyanwu


Elder statesman and industrialist, Chief Emmanuel Iwuanyanwu, has urged the Federal Government to establish one major industry in each council in the country to revive its dwindling economy.

Speaking to newsmen at an event marking his 79th birthday in Owerri, yesterday, the civil engineer stated that the industries would not only address problems of unemployment and youth restiveness, but would also reduce financial burden on the government.

The Chairman, Ohanaeze Ndigbo Council of Elders, also advised government at all levels to privatise all their business-oriented outfits, stressing that an ideal government should neither own commercial enterprises nor run industries.

His words: “There should be robust partnership between the government and the private sector. These industries can be established in partnership with foreign companies or investors that have the requisite experience to train local resources for full indigenisation.”

“The private sector is more structured to run businesses successfully without the unnecessary waste associated, most times, with government’s style of operation.”

According to him, the duty of government is to provide the enabling environment and support for the private sector to thrive and not to run commercial enterprises.

Privatising business-oriented entities, he added, will equally go a long way in cutting down the wage bill of government and ultimately cut down the cost of governance.

“We must put an end to all forms of food importation, so we can save our foreign exchange for other meaningful import bills. We should rather earn massive foreign exchange through our agricultural exploits in Nigeria,” he said.

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