The Interpol Systems Consultant and Security Expert Sir Chikwe Udensi has stressed the need for Nigeria to channel it’s energy more on productivity than consumption as he said the latest report on Nigeria’s dwindling economy is disturbing and not encouraging for the strongest black nation of the World as Nigeria .
He added that the idea of the country borrowing for consumption instead of production should pose a worry to many Nigerians when he was reacting to Nigeria’s inflation which rose in June to its highest level in more than five years, fueled by rising prices of food and the high cost of diesel.
Chikwe Udensi who was making input on his usual mid-week Radio Programme monitored by newsstarlet said the extent of Nigerias borrowing is not comparable to countries and individuals that borrows for production as America’s production index has risen.
America he said is the highest borrowers who indulge more in production while also citing examples of the richest man in Africa Alhaji Aliko Dangote whom he said often borrows but channels it into production for a diversified economy .
The inflation rate surged to 18.60 per cent in June, up from 17.71 percent in the previous month, the National Bureau of Statistics (NBS) said on Friday.
The new rate is the highest the nation has recorded since January 2017.
The NBS said Friday that the rate is 0.84 percent points higher compared to the rate recorded in June 2021, which is 17.75 percent.
“What are we borrowing for,are we borrowing for production or are we borrowing for consumption? .
“If you borrow for production it is some viable borrowing.”like now we’re not borrowing to produce we’re borrowing to consume. “
“If you take a look around the World, you’ll see how borrowing goes and you see the benefits of borrowing.”
He said the Nigeria’s problem lies in the essence of borrowing as he believes that what matters in borrowing is the purpose, stressing that no economic indices flies alone as there are enablers .
Driving further his points towards borrowing , the former ALGON Secretary general noted that it’s incomparable when placing side by side the Countries that borrowed for production and those who borrowed for consumption as Nigeria according to him has not put in any tactics of production in place and because the country consumes more than it produces ,that has put enormous Pressure on the local currency .
“If you do not produce and continues to consume the tendency is that there’s enormous pressure on the local currency. “
Chikwe who criticized some aspects of the Federal government’s social investments programme where monies were distributed to participants in an unaccountable form said it was wrong to share money in the name of poverty alleviation as that is not the solution but creation of the productive sector is key.
He cited examples of how he innitated his petty trader money programme which he helped in traders products improvement , saying that anybody with an idea of such as empowerment must apply the production principle in order to initiate the source of creating wealth for the beneficiaries.
Responding to the issues of World Bank initiated projects, Udensi said skill acquisition is necessary for one to become important to a growing economy, adding that skill is required to explore in the global trend .
He urged the education institutions across the country to ensure various skills are taught in schools because of the importance to development of the economy.
He advised Abia State government who are one of the beneficiaries of the project to ensure that the 200 million World Bank will be well utilized.
The Security expert said it was unfortunate that the meeting between ASUU and Federal Government was yet not resolved, saying that the government has often failed to abide by the agreed terms.
He said after critically looking into the demands of ASUU leadership who were willing to suspend the strike if government fulfills parts of the agreements,he discovered that the lecturers were are fair enough in their demands.
“What lecturers are asking for in all fairness and honesty is fair.”
Udensi who stressed the need for every community to establish a security outfit , says it will enable various communities take responsibility as it concerns the protection of lives and properties of their people.
He described Zamfara State Governor, Bello Matawalle who has signed a new law that approves death penalty for anyone convicted for banditry, kidnapping, cattle rustling, cultism, or serving as a bandits’ informant in the state in a broadcast on Tuesday morning as commendable.
He noted that being at the forefront of the fight against Cattle rustling,Cultism, kidnapping, banditry and insurgents is the best way to looking at the present situation of insecurity in the country.
He added that it is the duty of the President, Governors and Local Government to maintain law and order, saying Governor Bello had shown leadership and capacity by taking the drive towards the protection of lives and properties.
Udensi maintained that whoever that Commits crimes should not go free.
He expressed concern that people who ought to have made changes when they were in leadership failed to do so when it matters, saying that general Dambazau could have used his position as a Minister of Interior to solve the problem of insecurity in the country when he was in the office.
Udensi questioned the reactive measures the Federal government is planning to put in place in order to solve security issues, adding that the bandits are in possession of a more sophisticated weapons than Nigeria’s security agencies as that possess a lot of challenge to the country .
HeGovernor, Bello Matawalle
