Crude oil price crash, a blessing to Nigeria’s economy – WACCIMA President

The President, Warri Chamber of Commerce, Industry, Mines and Agriculture, WACCIMA,  Chief Simon Asite says the crash in crude oil price at the International market which has caused Nigeria’s economic recession is a blessing in disguise, insisting it has made it imperative for the federal and state governments as well as private entrepreneurs to diversify the economy, with emphases on agriculture and solid minerals.

Asite stated this in Effurun, Delta State during a small and medium entrepreneur seminar organized in collaboration with Sterling Bank PLC to sensitive stakeholders on the need to explore other sources of revenue for the country.

He said Nigeria’s economy has taken a negative turn as it is now necessary to look inwards and become self sufficient, instead of being imports dependent. He said:”depression is a welcome development and a blessing in disguise because prior to crude oil price fall, our political leaders deliberately dumped the private sector’s contributions towards the sustenance of Nigeria’s economy simply out of avarice and personal aggrandizement”.

 The WACCIMA  President enjoined all and sundry to invest in the private sector to grow the economy through agricultural participation and manufacturing, adding that the economy can be resuscitated  by engaging international fund providing organization in collaboration with organized private sector.

 In a paper titled: “Storage and Packaging of Non Oil Products Available in Delta State for Export” by S.A Balogun, , he said Agriculture was the dominant sector in the economy before Nigeria gained her political independence in 1960 and provided  both cash and food crops for the economy thereby accounting for 70% of the foreign earnings, but lamented that with the discovery of crude oil in commercial quantities, the structure of Nigeria’s economy change.

Our Delta Central Correspondent reports that other papers delivered included: “The Role of Nigeria Investment   Promotion Commission in the Development of MSMES and Financing SMES through Facilities of the Small and Medium Enterprises Development Agency of Nigeria”.

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