According to Abia State Governor Alex Otti, an unproductive economy is the root cause of Nigeria’s foreign exchange issue.
According to Naija News, Governor Otti stated that the federal government’s foreign exchange strategy would not have had such negative impacts on the economy and the standard of living of its population if Nigeria were a productive nation. The governor of the Labour Party stated in an interview with Arise News that his government was trying to create an atmosphere that would encourage investors to create.
“The actions we are taking to establish an atmosphere conducive to productivity,” he stated.
Governor Otti highlighted that, except for crude oil, Nigeria exports nearly nothing and imports everything, including toothpicks and bottled water.
He decried that Nigeria currently imports palm oil even though Malaysians took the palm kernel from the Abia State Capital, Umuahia.
“Part of the problem with exchange rate is because we are not producing much. It is because we are not exporting anything other than oil. It is because we’re importing everything from the profane to the profound.
“We import toothpicks, we import bottled water, should we be doing that? So that posed a lot of pressure on the foreign exchange market. And it until we reverse, until we produce. Do you know how much we spend importing food, palm oil that Malaysians took from here in Umuahia?” Otti stated.
He further disclosed that his administration has engaged with a private company to address food imports, including palm oil.
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