Finland supports Nigeria on private sector transformation

The Ambassador of Finland to Nigeria, Mrs. Pirjo Suomela-Chowdury, has described bi-lateral activities between Nigeria and Finland as healthy and encouraging.

Ambassador Pirjo who spoke at a lecture titled, ‘Nigeria without oil –Role of the Private Sector’, organized by the Nigeria-Finnish Association in Lagos, said that Finnish aims and objectives includes increasing trade between Nigeria and Finland through regular interaction and advancement of political, scientific, technological, economic, educational and cultural matters.

According to her, Finland expects mutual benefiting relationship with Nigeria, adding that Finland is interested in bringing the best it can offer to Nigeria and to understand the opportunities Nigeria has for her as well.

This she believes, are very crucial to the development of both countries and progress can be made in areas the two countries has huge interest.

She also stated that economic diversification is necessary in Nigeria, while urging that the country should focus more on modernised agriculture, industrialization, which are imperative to developing the Nigerian economy.

Also speaking at the forum on Nigeria without oil, the President, The Lagos Chamber of Commerce and Industry, Chief Dr. Nike Akande (OON), said that Nigeria for several decades failed to take the appropriate steps to diversify the economy and the consequence of the action is what the country is witnessing presently.

According to Chief Dr. Nike Akande,”With the slump in crude oil price, Nigeria is now confronted with the reality of a country that has to carry on without oil.

Already, the challenges are manifesting, in that many states owe huge arrears of workers’ salaries, the foreign reserves is currently at its lowest in 11 years, exchange rate is under serious pressure of further depreciation and debt profile is rising”.

The guest speaker, Founder, Sam Ohuabunwa Foundation for Economic Empowerment, Chairman of African Centre for Business Development Strategy and Innovation, and past Chairman, Nigeria Economic Summit Group (NESG), Mazi Sam Ohuabunwa, said he expects Nigeria to emulate other countries that had transformed into private-sector led economies.

He told the forum that the current oil price crash which has lasted longer than previous ones has finally thrown Nigeria into serious economic crisis similar to what it experienced 1984 to 1986.

“Just within one year of the fall in oil prices, our country is in economic crisis and 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, “Nigeria needs 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 stated.

Ohuabunwa also stated that, disempowerment of the public sector will reduce corruption and make more Nigerians accountable, while expressing optimism that the private sector would create more revenue for the government than it was getting from oil.

“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”, the business development expert said, adding that, “unleashing Nigeria’s private sector would diversify the economy, create sustainable wealth, jobs and as well raise tax revenues.”