• Sunday, April 14, 2024
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How Nigeria can tackle unemployment, stop capital flight – Odiagbe

How Nigeria can tackle unemployment, stop capital flight – Odiagbe

The federal government has been advised to look inward towards revamping the economy, tackling unemployment by encouraging the consumption of locally made products and empowering local entrepreneurs.

Clinton Odiagbe, chief executive officer of Nature Renaissance International, stated this at the company’s mega submit and car presentation in Lagos to loyal customers.

Odiagbe, noted that despite the abundance of natural produce in Africa which can be utilised for several purposes for the benefit of Africans, the continent had consistently focused on artificial produces, thereby neglecting its economy.

“The reason why there is inflation is because our currency has lost strength completely. The Western world has told us to our face that our Gross Domestic Product (GDP) is low,” Odiagbe said.

“This means we are unproductive, therefore, we cannot control the foreign exchange that is the reason why there is inflation and that is why the cost of commodities are on the rise.”

The Chief Executive Officer added that there was the urgent need for the government to support industries and entrepreneurs utilising local raw materials, resources in a bid to check rising unemployment, poverty and capital flight.

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“The biggest challenge today in Africa is hunger and poverty. Even the poor health that is becoming alarming, most of the prevailing ailments are a complication from poverty and all the rest,” Odiagbe added.

Also speaking at the event, Dennis Ogbonaya Nwankwo, Chairman Board of NRI, said there was the need for Africans to embrace medicinal products produced with African natural herbs, to treat health ailments, rather than artificial ones which had failed Africans.

“We use what we have to take care of ourselves. We eat our yam, cassava, garri, but when it comes to the time of medicinal application we run to foreign company”, Nwankwo said.

Idiagbe, speaking to Journalists at the event.