Minister Advocates Critical Reforms to Reset Economy

The Minister of State for Budget and National Planning, Prince Clem Agba, has stressed the need to implement critical reforms in order to put the economy on the right path.

He said Nigerians needed to come to terms with the fact that the country is not presently buoyant as a result of the existing revenue constraints.

Agba, at the Open Government Partnership (OGP) discourse in Abuja, argued that though the country has enormous potentials to be a wealthy nation, noting that only the implementation of necessary reforms will guarantee positive outcomes.

He regretted that most Nigerians still considered the country as rich and therefore engaged in activities which are detrimental to the economy.

For instance, the minister questioned that rationale behind Nigerians’ appetite for foreign goods knowing the amount of pressure this exert on the local currency.

He said the continued importation of food items and other commodities without enhancing the productive capacity of the various sectors will be counterproductive.

This, he argued will only benefit other countries at the detriment of Nigeria as jobs are exported.

Agba, however pointed out that these were among the issues which the OGP seeks to address by working with the civil society groups to, “open our books so that they see and understand”.

He said: “We have the potentials to be rich and the only way to get to those potentials is to carry out those necessary reforms.”

“Nigerians need to know what is going on in their country, they need to know that the country is not a rich nation.”

He added: “Like we all think and if we do all agree that the country isn’t rich, then the reforms that are required to be carried out have to be carried out.

“Some are talking of the exchange rate, when you look at the dollar, it is a commodity; what do you need the dollar for? Do you need it to purchase food stuffs, you don’t.”

The minister said: “So we need to be productive, once you understand that when you go for the dollar it is for the purpose of buying things that are imported and keeping other people employed, we will begin to love Nigeria and eat what we produce just like the president said.”