A traditional ruler, HRH George Eze Nwankwo, has told the Chartered Institute of Directors, Nigeria (CIoD) to seek ways of increasing production as the only panacea of stabilising the economy.
He said the country’s currency and economy could only maintain a consistent boom if the directors help the federal government in moving the economy from consumption to production.
The Igwe Ezinnia 1 of Okara Orba Ancient Kingdom, Enugu State, said the institute should engage the Federal Government, make recommendations and initiate activities required to build the economy.
He spoke during the Investiture of the 4th Chairman of the institute’s Port Harcourt zone, Dr. Innocent Akuvue held in Port Harcourt, Rivers State.
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Eze Nwankwo told the directors to seek an end to the culture of consumption and promote a production driven economy as the permanent solution to strengthening the naira.
He insisted that any economy based on consumption would always be unstable, adding that the country’s high level of consumption was no longer sustainable.
The king urged the institute to deploy its network and experience to challenge the apex government to begin to chart a new course before things got out of hand.
He commended the new Port Harcourt zone’s chairman describing him as one with the midas touch.
The monarch said: “Having known Dr. Innocent for a pretty long time I will say that this institute has made the right choice. Notwithstanding in Nigeria today our economy is very unstable.
“The exchange rate you cannot determine. You are all members of the institute of directors, the greatest challenge our economy is suffering is because we are 90, 95 percent consumer nation.
