His Excellency, The Senator, Otunba Gbenga Daniel has emphasized the critical need for Nigeria to prioritize domestic production and consumption as a means to bolster the nation’s economy and strengthen the naira.
Addressing guests as the keynote speaker, Thursday, May 9, at the Oriental Hotel, Victoria Island, Lagos, at the Fish-For-Life Conference convened by the Fish-for-Life Foundation, a platform for dialogue and collaboration towards empowering Nigerians through digital skills training and mass self-employment opportunities, as convened by Dr. Ope Banwo.
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Senator Daniel drew instances from the industrial revolutions of China and the technological advancements of India, he underscored the transformative power of focused economic policies.
“After the first and second world wars, it was clear that industrial revolution was the way forward for the world,” he remarked, highlighting China’s strategic shift towards industrialization and India’s embrace of the ICT revolution as pivotal moments in their respective histories.
Reflecting on his visit to India, Senator Daniel vividly recalled the stark differences in automobile sightings between the two nations.
“I counted just about three Mercedes Benz in one hour,” he shared, contrasting the abundance of SUVs in Nigeria with India’s emergence as an ICT powerhouse.
“Nigeria is the largest populated in Africa,” Senator Daniel emphasized, lamenting the nation’s reliance on imported goods and the adverse impact on the economy. He pointed out the exorbitant costs associated with importing products like wigs and the subsequent price fluctuations in industries such as air travel.
“The problem we have as a people is that we want to eat omelet without baking eggs,” Senator Daniel quipped, urging a shift towards prioritizing locally-made goods. He highlighted the success of initiatives like Air Peace in driving down flight ticket prices for Lagos to London, illustrating the potential for domestic enterprises to thrive and compete on a global scale. He also noted that hike in prices as we have it around in the country are mostly artificial.
Concluding his address, Senator Daniel urged Nigerians to embrace a “Buy Nigeria” ethos, emphasizing that supporting domestic industries not only fosters economic growth but also ensures a stable and resilient Naira.
“It is imperative for us as a nation to place laser focus on developing domestically grown products,” he affirmed, rallying for collective action towards a more prosperous future.
Other speakers at the event among others were Prof. Kingsley Moghalu, a former deputy governor of CBN, Otunba Segun Sowunmi, a politician and political analyst, Chief Taiwo Adeoluwa, a former SSG of Ogun State and Bolade Daranijo.
Senator Daniel’s impassioned plea for economic reform resonated with attendees, sparking discussions on the role of domestic consumption in driving sustainable development and prosperity.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
