A retired Director of the CBN, Mr Chris Nemedia, on Monday urged
the Federal Government to be less-dependent on trading in crude oil in
the international market. Nemedia, who made the plea in an interview
with newsmen in Lagos, said that processed commodities were more
profitable to trade in. `Emphasis should be on adding value to the
primary commodities like oil before exporting them in order to get the
desired yield like other nations from natural resources Economy
“A major achievement of this government will be to make us belong to
the league of countries that trade in manufactured products. `By now, we
ought to have improved on the processing and refining of our crude oil
,’’ the former CBN director said. According to Nemedia, there has been
steady decline in commodity prices internationally in the last one year.
He said the decline had been to the detriment of economies that
relied solely on exporting the commodities in their crude state. Nemedia
urged the government to give priority to the value of the nation’s
primary products for export. “President Buhari needs to emphasise the
establishment of processing plants by partnering with the private
sector. “Former developing economies that have moved to a more advanced
stage went the way of industrialisation and manufacturing to change
their fortunes,’’ he said.
Nemedia said that the hallmark of diversification of the economy
should be increased industrialisation and manufacturing. “We have the
population to sustain the consumption of locally-manufactured goods to
our benefit,’’ he said. The National Bureau of Statistics said that till
2014, exportation of crude oil and natural gas accounted for more than
91 per cent of total exports,
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