Economist urges Buhari to overhaul economic model

Posted by News Express | 24 June 2015 | 3,099 times

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An economist and South-South Zonal Coordinator, Institute of Chartered Economists of Nigeria (ICEN Mr Friday Udoh, has advised President Muhammadu Buhari to adopt new economic models to revamp the ailing economy.

Udoh gave the advice in an interview in Yenagoa on Tuesday.

He urged the president to jettison the unfavourable economic policies adopted by previous administrations that were unable to grow the economy in real terms.

He recommended the Regulated Asset Based (RAB) financial model, which has been effective in managing    economic dysfunctions.

According to Udoh, the RAB model is multidimensional economic, social and innovative means in managing the downturn and insurgency facing the country.

He cautioned that over reliance on military might alone, will rather aggravate and escalate insurgency in the country as the problems required a multi sectoral approach to achieve desired results.

“It is necessary at this point in time and following loss of opportunities, in adopting this trade model   to grow our domestic economy by the previous administrations.

“RAB was left out in awarding large sum contracts to foreign companies and some Nigerian registered companies without recourse to this internationally and widely acceptable and legally available trade instrument,” Udoh said.

He stressed that the RAB model will harness local and regional consumption of pharmaceutical products, Urea, methanol among other bye products of gas in high demand rather than sell gas at unfavourable price

He also urged the present administration to build four petrochemical plants to refine petrochemical raw materials and manufacture petrochemical products to stem capital flight and create jobs and grow the economy.

“We need to add value to the hydrocarbon resources and in doing that creating new jobs.

“We should also be considering investment in National carrier and jettison Public Private Partnership much touted by the previous government.

“There are inadequacies in the existing law required to drive a sustainable PPP system in an economy of this magnitude,” Udoh said

•Photo shows President Buhari.


Source: News Express

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