Senator Orji Uzor Kalu, who represents Abia North Senatorial District, has identified the high price of fuel and the naira’s exchange rate against the dollar as the two major problems crippling Nigeria’s economy.
Kalu made the remarks on Monday during an interview on News Central Television. He argued that Nigeria cannot build a sustainable economy by depending solely on oil while continuing to import basic necessities, and called for a decisive shift toward domestic production across all sectors to achieve long-term stability and growth.
“There are two things crippling this economy … the price of fuel and the price of the dollar,” he said.
“We cannot build a sustainable economy by relying on oil. Sometimes, I also blame government officials who don’t agree to make some sacrifices to see truly how our economy is running.
“And, to be honest with you, the young people are right because anybody will wake up and say, ‘Oh, when will this be over?’“
This economy has been unproductive since 1960. What I do is production, and I continue to say that the economy must be productive. We must produce.
“If we don’t produce, no matter the amount of oil you get out of the Niger Delta or elsewhere, it’s not going to be our solution. Because as we produce oil, we should also be using the proceeds to buy things that we need, especially food.”
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