Experts today warned of an impending growth in crime rate in the country following the downward spiral of the nation’s economy. They issued the warning at a workshop organised by the Onitsha Business School, Anambra State.

According to a former Chairman of the Presidential Steering Committee on Global Economic Crisis, Mazi Sam Ohuabunwa, and Director General of Onitsha Business School, Professor Segun Sogbesan, “There would more kidnappings, armed robbery and youth restiveness in various parts of the country this year as a result of the economic downturn.”

Ohuabunwa in his lecture entitled, “Nigerian Economy: problems and prospects”, enjoined the Federal Government to create an enabling environment that would drive private sector-based economy.

He pointed out that in a recession such as the one the country is passing through, only the private sector could save the nation, adding that there is need to encourage businessmen to undertake aggressive export.

He identified the privatisation of the power sector as one issue that is having a negative impact on the private businesses, saying that the action had collapsed many businesses, especially in the South East.

In his words, “We have only one electricity distribution company in the whole of South East and this has encouraged monopoly.”

Ohuabunwa suggested frequent capacity building and enlightenment of the business class in the area to enable them to embrace modern trends in business.

On his part, Professor Sogbesan noted that the way out of the country’s economic downward spiral is for Nigerians to engage in ventures that would earn them foreign currency.

“Nigeria,” he said, “has the capacity to reverse the recession in the country through aggressive management. The country had products that are in high demand in foreign markets which include bitter kola, cashew, kaolin and sugarcane.

“The solution to our problem is for Nigerians to engage in export to earn dollar and we have abundant products that can earn us the hard currency.”

•Photo shows Mazi Sam Ohuabunwa.

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