Tina Amanda
An Economist in Rivers State has said that the state can improve its local economy by revamping old industries, which will eventually promote local goods and services and generate more revenue.
Head of Economics Department in the Ignatius Ajuru University of Education Portharcourt, Dr Sylvanus Amadi, who stated this while fielding questions from our correspondent, Tina Amanda, said if the state concentrate more on local production, it will help to curb youth restiveness, unemployment and militancy in the area.
According to him, the state should follow the trend of other states and countries that are diversifying their economy, stressing that it will help reduce total dependence on allocation from the national treasury.
“Many countries are thinking of how to diversify away from using fossil fuel to solar energy, rather than dwell so much on crude oil.
“The reason for establishing Transamadi industrial layout was to boost the industrial base of the state, but unfortunately government in recent times have neglected it. In fact, many state-owned companies have either been privatized or sold outrightly.
“I remember when Rivers State in the past owned Olympia Hotel, Airport Hotel, Pabo Breweries, Pabo Finance and so many others, then the state produced so much if for nothing else to employ people, generate enough revenue and pay salaries of the restive youths that will be engaged”
Dr Amadi, stressed further that complete patronage of foreign goods in total neglect of locally made goods is sabotage on the economy, adding that so much usage of foreign products contributed immensely in crumbling the Nigerian economy.
“We are becoming too import dependant and import dependency means we will be spending so much depleting our foreign reserve, that is why we are experiencing high-level incidence of smuggling. Nigerians have been made to develop a high appetite for foreign goods, even the efforts being made for an agricultural revolution to produce rice locally has been sabotaged because people prefer foreign rice”
