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.”
