By Bianca Iboma
The new Chinese Consulate General in Lagos, Chao Xiaoliang, has called on the Federal Government to intensify its drive on diversification of the economy as it will reduce importation of agricultural, forest products and promote self reliance.
He stated this in an address at the 45th anniversary and moon festival celebration in Lagos.
Xiaoliang said that Nigeria needs policies that can yield and help it recover from recession rather than just talking and complaining about it, noting that, “we should implement strategies that will bring us out of the situation because talking alone would not do the job. The government has to take steps that will change the current economic hardship experienced by the citizens.”
Xiaoliang added that Nigeria turned speedily into a mono-culture economy based on oil and with the decline occasioned by the constant militants’ attacks on pipelines, the economy has been stagnated while foreign investment has also dwindled.
He noted that a team of experts is required to revive the economy while advising an urgent review of the country’s agricultural policies. The Chinese envoy said that with declining oil price and economic recession, the Federal Government should look at more revenue generating avenues from commerce and industry to boost the economy.
Moreso, he said Nigeria needs to design new operating mechanism that will pave way for trade promotion in line with global best practice.
Declaring China’s willingness and interest to continually build its diplomatic relations and assist in whatever way it can to support Nigeria, he stated that despite its current recession, his country will strengthen its trade relationship and help manage the oil surge revenues that considerably reflect the economy.
He stressed that oil revenues were not managed properly, and the sudden influx of foreign exchange income, which caused inflation has resulted in the neglect of investment in other parts of the economy.
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