Odilim Enwegbara, a Development Economist has advised that Nigeria should depart from the World Trade Organisation (WTO) to enhance tariffs that will encourage exportation rather than importation in the country.
Speaking on a myriad of economic issues regarding President Goodluck Jonathan’s visit to China on Channels TV Business Morning, the Economist argued that the Nigerian economy will only develop if the nation is industrialised.
He also advocated for the export of home-made goods rather than allowing all sorts of importation by being a member of WTO.
Lesson From China
The Economist claimed that Nigeria should seek more foreign loans to industrialise its economy, noting that Chinese economy grew in the last three decades by loans it used develop its people and infrastructure.
Mr Enwegbara further urged the Nigerian government to embrace relations with the Chinese, stating that, “every country that wants to reduce pollution looks at Nigeria’s Bonny light crude because it contains less carbon.”
He suggested that federal government should set-up a China Nigeria Bi-lateral Forum to comprehensively study how the Chinese Socialist-capitalist market works.
Such lessons according to him should include how to ensure the sustained role of government in the nation’s key economic sector such as power, banking and natural resources, as he discouraged outright privatisation of public parastals.
He also argued that 50 percent of Nigeria’s reserve should be changed into the Chinese Yuan.
Patriotism, hard work and self-believe are lessons Nigerians must learn from the Chinese, he added.