Ayodeji Ake
Former Cross River State governor and presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has mentioned that floating the naira with out strengthening native industries and home manufacturing is worsening the financial hardship confronted by Nigerians.
Duke, who spoke with journalists in Abuja on Tuesday, attributed Nigeria’s financial difficulties to extreme dependence on imported items, rising gas prices, excessive rates of interest and authorities spending.
He argued that the nation wanted deliberate insurance policies to handle the worth of the naira whereas creating native industries, creating jobs and decreasing dependence on overseas items.
“No country floats its currency. The currency is your economic worth. It is like floating your value. As a human being, what is your worth? Are you going to float your worth? You manage your worth. You manage your currency,” he mentioned.
The former governor maintained that Nigeria ought to decide a sensible alternate charge and implement insurance policies to attain it, moderately than enable forex depreciation to worsen the price of residing.
He mentioned strengthening home manufacturing would scale back demand for overseas alternate, create employment and enhance financial stability.
“As long as you continue importing, you’re creating jobs overseas,” Duke mentioned, urging the federal government to establish items that may very well be manufactured regionally.
He additionally expressed concern over Nigeria’s stability of commerce, stressing the necessity to enhance exports, cut back pointless imports and appeal to overseas funding.
Duke criticised the Central Bank of Nigeria’s excessive rate of interest regime, arguing that costly borrowing was discouraging companies from accessing funds for funding and growth.
He mentioned financial and monetary insurance policies wanted higher coordination to deal with inflation and help productive actions.
According to him, gas costs considerably affect inflation as a result of transportation prices have an effect on the costs of products and companies throughout the nation.
“But interest rates don’t cause inflation. The price of your fuel causes inflation. The high cost of your fuel causes inflation because everything moves through transportation,” he mentioned.
Duke added that prevailing rates of interest made borrowing tough for companies, doubtlessly limiting their capacity to broaden operations and create jobs.
The former governor additionally faulted authorities spending on imported items, together with automobiles, saying public establishments ought to prioritise regionally manufactured merchandise the place attainable.
“The second thing is the unbridled spending by the governments. If you go to government establishments, literally everything is imported. Vehicles, everything is imported,” he mentioned.
Duke argued that patronising regionally produced items would preserve overseas alternate, strengthen home industries and generate employment.
He urged the federal government to direct expenditure in direction of initiatives that may stimulate native manufacturing and cut back stress on the naira.
On governance, Duke mentioned higher consideration ought to be paid to the competence of political leaders and their appointees moderately than age.
“Age doesn’t affect your brain,” he mentioned.
He criticised appointments pushed primarily by political concerns, arguing that efficient governance required people chosen for his or her capacity to ship outcomes.
“A lot of the appointments are based on politics and not on governance,” he mentioned.
Duke additionally expressed enthusiasm in regards to the presidential candidates, particularly mentioning Adewole Adebayo of the Social Democratic Party and Peter Obi of the National Democratic Congress.
He mentioned he appeared ahead to substantive presidential debates the place candidates may clarify their programmes and proposed options to Nigeria’s challenges.
