Connect with us


Onitsha Chamber tasks FG on urgent diversification to revive nation`s economy


The Onitsha Chamber of Commerce, Industry, Mines, and Agriculture (ONICCIMA), has identified massive investment in agriculture, manufacturing, export, ICT and Infrastructure development as key drivers of diversification to revive the nation’s economy.

The chamber’s President, Mr. Chris Ukachukwu, gave the advice in a statement on Thursday in Awka, Anambra.

Ukachukwu said that diversification, as the only solution to the country’s current challenges had not been successfully implemented due to a lack of commitment and political will by successive governments.

He said that the recent fall in oil price and the stagnancy caused by COVID-19 impact, might put the country’s economy on the edge or make it slip back into recession.

“The time to diversify the economy is now. All the position papers, communique, and polices reeled out after hugely funded workshops should be exhumed for implementation.

“It is now imperative for the Federal Government to channel all its energy and funding in the areas of agriculture, manufacturing, export, ICT, and massive infrastructure development.

“States must be mandated to exploit commodities where they have a comparative advantage. Import substitution should become a national policy and a deliberate strategy.

“All issues relating to power transmission; GENCOS and DISCOS must be resolved expeditiously to catalyze a new wave of the industrial revolution.

“That is the only viable way to commence determined steps toward economic diversification in Nigeria,” he said.

Ukachukwu said since the recession of 2016, the country maintained an eleven-quarter steady GDP growth with the last announced status in the 4th quarter of 2019 being 2.55 percent.

MORE READING!  CBN: Ex-director lauds MPC over interest rate reduction

According to him, the National Bureau of Statistics (NBS), stated that the achievement was as a result of stable oil price and production volume within those quarters.

“They posited that should the price of oil nosedive, the economy will be jolted.

“Even, the International Monetary Fund (IMF) has predicted that our economy may contract to -3.4 percent by the end of 2020 against the 2.93 percent projection.

“Analysts already believe that the Nigerian economy is in recession due to the stagnancy caused by COVID-19 impact.

“In fact, some insist that if the situation continues until the end of the year, we shall slide into depression.

“Although, it is a global issue;
the effect of lockdown and economic shutdown on third world economies and emerging markets like Nigeria will definitely have a negative multiplier impact on all aspects of life.

“Policies and Schools of Thought have always voiced the danger associated with the mono-product economy of our country; over-dependence on oil as the main source of foreign exchange earnings.

“We are, however, advocating an urgent diversification of the economy for absorption capacity in the event of an external shock,” Ukachukwu said.


Drivers exchange blow at Berger area of Abuja (Photos)



Drivers exchange blow at the Berger area of Abuja on Monday.

See photos below:

Photo Olatunji Obasa

MORE READING!  AFAN cautions members against adulterated fertilizers purchase
Continue Reading


Covid-19: Ondo records two new deaths



Covid-19: Ondo records two deaths

Two new COVID-19 related deaths have been recorded in Ondo State.

Governor of Ondo State,  Oluwarotimi Akeredolu, made the disclosure on his verified Twitter handle on Monday.

According to Akeredolu, three new confirmed cases of the deadly virus were also recorded.

With the two new deaths, the total number of deaths recorded in the state now stands at four.

MORE READING!  Poland resumes domestic flights

While revealing that the two patients who were part of the three new cases discovered passed on at the University of Medical Sciences Teaching Hospital, UNIMEDTH, Ondo town, Ondo State.

READ ALSO: COVID-19: Bello orders two weeks total lockdown in Kabba/Bunu LGA

The governor’s tweet reads, “Today, we recorded three new cases and an unprecedented number of deaths from #COVID19Nigeria in Ondo State.

“Two of the new cases passed on at UNIMED in Ondo town this morning. The third case is currently at the IDH in Akure undergoing treatment,” Akeredolu tweeted.


MORE READING!  Lady teams up with her friends to smash boyfriend's windscreen after he cheated on her (video)
Continue Reading


Dumitru Comanescu: World’s oldest man reveals secret to his long life



Dumitru Comanescu: World’s oldest man,111, reveals secret to his long life

The new world’s oldest man, Dumitru Comanescu, aged 111 years and 203 days old, has revealed his personal recipe to long life.

The Romanian super-centenarian was born on 8 November 1908 in Proviţa de Jos, Drăgăneasa commune, in the county of Prahova.

The Guinness World Records have confirmed his status as the world’s oldest man after Bob Weighton, who was 112 years old, died from cancer.

MORE READING!  COVID-19: Bello orders two weeks total lockdown in Kabba/Bunu LGA

‘I feel honoured and blessed to be, officially, the oldest man in the world and to represent Romania at the highest level! It’s incredible!’ Daily Mail quoted Comanescu as saying in an interview.

READ ALSO: Covid-19: 103-year old survivor celebrates with cold beer

He went on to reveal that the secret of his long life was the love of his wife, sons, and grandchildren and told fans that ‘I hope you will outgrow me’.

Comanescu graduated from university in 1933 and worked as an agricultural engineer and in plant pathology for 70 years.

MORE READING!  Poland resumes domestic flights

Comanescu currently lives at the Bucharest Center for Seniors.

Continue Reading