Dr. Nnaemeka Obiaraeri has aired his opinions concerning the current high interest rates being faced by the country and how it has affected the economy by chasing away foreign investments.
He made it quite clear that there are two things currently causing inflation in the country which are the foreign exchange rate and also food insecurity. According to him, Nigeria has the capacity to produce 99% of what we consume but due to heavy insecurity across the six regions food production has being limited to the barest minimum.
He also talked about how oil theft is one issue we need to urgently address in the country. He made reference to Former President Olusegun Obasanjo on how he prevented oil theft during his time in office. Dr. Nnaemeka Obiaraeri stressed on the fact that we need to tackle the issue of oil theft and also food insecurity to eventually get this country's economy back on track
In a recent interview with Arise News Television, he said: "Nigeria has the capacity to produce 99 percent of what we consume here and export nothing less than $3.75 billion worth of non oil goods and services but we are not doing so because of insecurity which we need to tackle holistically. Our foreign top earner is the crude oil. 85 percent of our forex why did we not have this kind of volatility under Olusegun Obasanjo. When Olusegun Obasanjo became President he inherited 1.8 million barrels a day oil production and the price of crude oil was $17.34. Olusegun Obasanjo then ensured two things, crude oil wasn't stolen and leakages were stifled".
WATCH THE VIDEO HERE.
(Start from 6:07)