A former Managing Director, Comet Merchant Bank, Chief Ted Inegbenion, has urged the Federa Government to declare a state of emergency on the nation’s economy in the face of dwindling oil revenue due to COVID-19 pandemic.
Chief Ted inegbedion, in an exclusive interview, said the country missed the opportunity of economic recovery and growth by harnessing the benefits of the civil war and oil boom hence its imperative to declare a state of emergency on the nations economy.
He said this is imperative so as to stimulate growth as the global crude oil price,the country’s main source of revenue continues to fall.
The retired chattered accountant who advocated amnesty for looters, harped on the need to infuse professionals into critical sectors of the economy, while also encouraging Nigerians in diaspora to come, invest and contribute their quotas to the nation’s development.
Chief inegbedion maintained that there is urgent need to invest more in mass transportation which must be privatized and increase funding of microfinance banks to enhance their capacity to support small, micro and medium enterprises.
He added that state governors should be allowed to produce power and distribute same in their states as the current energy structure is too monopolistic and cannot sustain industrial growth.