• VP blames oil pipeline vandalism, graft for recession
Vice President Yemi Osinbajo yesterday in Kano said the Federal Government will roll out a new policy that will protect and encourage local farmers and manufacturers so that their products can reach the processing stage that will enable them to be ready for exportation so as to generate more foreign exchange for the country.
Osinbajo who spoke during a one-day Grass Root Town Hall meeting meant to bring about local manufacturers and captains of industries together to find lasting solution that will encourage large-scale production and exportation of made-in-Nigeria goods, said President Muhammadu Buhari’s administration was aware of the current hardship Nigerians are going through.
According to him, President Buhari and his economic team are not resting in their oars at ensuring that local farmers and manufacturers are rescued through interventions in form of loans that will boost their activities and at the same time create jobs.
“It is disheartening to know that Nigeria imports every item to the country. The government must protect local farmers and local manufacturers. Our policy must support tomatoes production, rice production and wheat production. You need not to worry at all because government policies will soon emerge to protect manufacturers,” he said.
He lamented that the country currently imports almost everything, adding that even though there is enough local raw materials and human resources to process goods up the finishing point, there has not been any good policy to protect local manufacturers.
“We don’t process our products and that is why we are where we are today. When you import almost everything, then you will be in trouble and that is why we are in trouble because we import almost everything.
“I want to say that not one day passes by that I speak to President Buhari that he does not talk about the hardship people are going through in this country. It is every day, that is one of the issues that he addresses.
“And always he goes back to the question and he goes back to the answer, and he would say what we must do is very obvious because we know what we must do. We know the two reasons why there is recession in Nigeria.
“The first and that is the most obvious reason is that of oil prices fall; after the fall in oil prices, the more problematic was the fact that in Niger Delta, the pipelines and export facilities were being blown off so that at some point, we were losing a million barrels per day. By the way, we are producing less than 2.2 million barrels per day, we are losing one million barrels in one day and that is almost 60 per cent of our total production. So, we are losing 60 per cent of the revenue; and also it is affecting our foreign exchange earnings. So, when you are losing that kind of money, it is difficult for you not to be in a serious economic problem.
“The second reason is corruption. Years went by, especially in the past five years, no savings at all, no savings, rather than save, a lot of the money was embezzled. So, there was no money and a lot of trouble came. No savings from where we can withdraw.”
Also speaking during the meeting, the state governor, Dr. Abdullahi Umar Ganduje said the state government has concluded plans to partner with a Dubai compnay to construct a N500 billion Kanawa Economic City, aimed at boosting commercial and economic activities in the state.
