NLNG Corporate Teamwork banner First bank campus storm Fidelity bank card banner Emerald Energy Institute Camano banner

Nigeria’s economy requires fundamental transformation — Fidelity Bank Chairman

By News Express on 09/10/2017

Gmail icon

Views: 1,064

•Fidelity Bank Chairman Ernest Ebi
•Fidelity Bank Chairman Ernest Ebi

Chairman of Fidelity Bank Plc, Mr. Ernest Ebi, has advocated a fundamental transformation of Nigeria’s economy via a broad range of policy measures that can put the economy on strong foundation for sustainable growth and development.

Mr. Ebi stated this recently at Ede, Osun State, while delivering the 9th Convocation Lecture of Redeemer’s University entitled “Negotiating the Recession Challenges: Options for the Structurally Unbalanced Nigerian Economy”.

“What the country needs at this time to sustain the exit from economic recession is a fundamental transformation of the economy that will address the structural economic imbalance, improve on institutional framework, ease of doing business, infrastructure, and strong private sector participation,” Ebi stated.

He added that “such a transformation should be focused on creating jobs on a massive scale and growing the economy from the bottom of the pyramid to avert the ticking time bomb of youth restiveness and unemployment. This will ensure inclusive economic growth that works for everybody, bridge the inequality gap, provide the enabling regulatory environment for the private sector to thrive and help prioritise the main drivers of the economy.”

Mr. Ebi who is also the Chairman of Centre for Financial Journalism said there must be a renewed focus on production. He stated: “There is no doubt that a key component of economic development and growth process of a nation is an increase in the country’s production, especially of its exportable goods and services. Accordingly, the pursuit of diversification of Nigeria’s monolithic economy should be with a bias to production (out right manufacture of new items or value addition to primary products) for local consumption and export. The well implemented production based economy will lead to job creation, specialisation and gradual sophistication of products. All developed economies have these attributes as enablers to their sustainable economic development.

“Infrastructure and improved business environment is equally a sine qua non, he said. He pointed out that production requires infrastructure to thrive efficiently, but regretted that due to the epileptic power supply many industries in Nigeria have crumbled under the weight of huge energy costs as they provide power for their businesses using private electricity generating sets. He argued that until the power problem in Nigeria improves, there can be only little growth in the manufacturing sector that houses production of goods.”

“Also important is import substitution,” Ebi stated, adding: “Nigeria’s near-total dependency on imported manufactured goods, ranging from the simplest household consumer items to the most complex industrial inputs makes the economy very vulnerable to external shocks and this must be addressed for the nation to have a sustainable economic growth.” 

Source News Express

Posted 09/10/2017 1:49:27 PM





You may also like...
Army, Police wade in as APGA and PDP...

Security breach: IGP vows to go after Shi’ites...

Music star Burna Boy in police net over...

CNN programme announces Pele’s death . . ....

Silicon Valley set to host Nigerian entrepreneurs

Fela’s family rejects Centenary Award, gives Aso Rock...

Cleric, 8 others jailed for open defecation

Communication Minister Adebayo Shittu, Mama Taraba disqualified from...

Osimhen breaks into Super Eagles as Rohr names...

Inmates detonate bomb in Bayelsa prisons

Nigeria ranked among dangerous countries for aid workers...

Reps to declare state of emergency on unemployment...


Latest News Anya, Kolade point way to a better Nigeria •Stress need to identify, empower talented, visionary youths Aisha Buhari locked out in Aso Villa APC crisis deepens, Buhari, Oshiomhole’s states worst hit 2019 polls: Court awards N20m against Army Nobody attacked Oshiomhole — Edo CP insists 2021: Group lures Soludo to enter Anambra governorship race NDDC: A people’s albatross, By Ebun-Olu Adegboruwa Ex-militants to Akpabio: Develop Niger Delta, take over Amnesty Programme Yellow Fever kills 22 in Bauchi Bayelsa, Kogi politically volatile — NEC BBOG rues missed opportunities to rescue the Chibok Girls, challenges Buhari to keep promise Bayelsa doesn’t need governor colluding with oil firms to sponsor militancy — Senator Diri •PDP Inaugurates Campaign Council


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (550,727 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (447,234 views) Shameless Genevieve Nnaji exposes breasts in public (394,721 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (330,620 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (298,840 views) 10 cars more expensive than Jets (263,417 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (255,999 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (253,257 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (234,727 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (220,907 views) Lagos plane crash: Journalist releases victims’ names (198,474 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (195,697 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (105) Business & Economy (4,490) Business Verdict (85) Columnists (1,127) Complaints & Requests (96) Enterprise & Opportunities (217) Entertainment (689) Features (829) Global Business Monitor (464) ICT Monitor (65) International (4,073) Interview (204) Live Commentary (30) Love Matters (174) Maggie's Blog (448) News (52,644) Opinion (1,394) Pidgin (17) Politics (11,569) Religion (1,110) Sports (2,194) Stock Watch (39) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera