Revolutionizing Nigeria’s Economy: Professor Okwuashi Proposes Bold Measures At People’s Forum Anniversary
Revolutionizing Nigeria’s Economy: Professor Okwuashi Proposes Bold Measures At People’s Forum Anniversary
By Frank Odinukaeze
In a compelling speech delivered at the 20th Anniversary Lecture and Awards Ceremony of People’s Forum Magazine & Online, Professor Alexander Favour Okwuashi, a distinguished maritime scholar and founder of the Certified Institute of Shipping of Nigeria, outlined a series of transformative strategies aimed at revitalizing Nigeria’s business landscape amidst escalating costs.
Addressing the Challenges Professor Okwuashi’s speech, themed “Business Transactions and Rising Cost: The Way Forward,” delved into the complexities of the Nigerian economy, which has been grappling with issues such as government economic policies, scarcity of foreign currencies, and corruption. He highlighted the adverse effects of these challenges on the cost of goods and services, emphasizing the need for a robust response to ensure consumer satisfaction and economic stability.
The professor’s forward-looking approach includes the reintroduction of the Marketing Board to implement price control policies and ensure commodities are fairly priced in the market. He also called for the Central Bank of Nigeria to facilitate foreign exchange availability to importers, thereby sustaining the importation of goods at minimal costs.
In a bid to enhance the purchasing power of the average Nigerian citizen,whose purchasing powder has been grossly weakened by rising inflation,Professor Okwuashi urged the government to roll out effective monetary policies that would bolster the value of the Naira.
“Government should roll-out an effective monetary policy that will boast the value of the Naira which is our local currency Such that too much Naira will not pursue few goods in the market when the value of Naira Improves it will definitely Improve the purchasing power of an Average Citizen. Government to do all it can to stop the Inflationary trend in the Country by Introducing policies that will create wealth and active productivity among Citizen.” the learned professor submitted
He also recommended measures to halt the inflationary trend by fostering wealth creation and productivity among citizens.
The speech underscored the necessity of a revolutionary change in transportation modes and the review of oil subsidy policies.
“There must be a revolutionary change in our mode of transportation within the Country I recommend a review of the removal of the oil Subsidy by government to stop the ripple effect it had on the Cost of goods and Services due to the high cost transportation” Professor Okwuashi argued
He advocated for policies that support local industries through the provision of steady and affordable energy, improved infrastructure, and the stimulation of entrepreneurship skills among the youth.
Professor Okwuashi’s speech also touched on the media, highlighting its role in the society.The media’s role in exposing economic sabotage and informing the public about price dynamics was also emphasized. Entrepreneurs were encouraged to adapt to current industry trends and practices to remain competitive and successful.
In his concluding remarks, Professor Okwuashi expressed gratitude to the organizers for highlighting the pressing issue of rising costs. He reiterated the importance of the modified cabotage law, which focuses on employment, shipbuilding, and capacity building in the maritime economy. The implementation of these suggestions, he believes, will lead to a significant reduction in the prices of goods and services, ultimately boosting Nigeria’s GDP.
The speech has sparked a conversation among policymakers, business leaders, and the public, setting the stage for potential economic reforms that could shape the future of Nigeria’s economy.
