Nigerian economy faces breakdown, claims Chike Obi

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The Executive Vice Chairman of Alpha African Advisory Limited, Mr Chike Obi has warned against economic breakdown if the pressures in it are not addressed.

The financial chief who commended the Financial bill stated that there is a need for a holistic approach towards solving the apparent economic problems.

He made this warning while he spoke in an interview with Nigerian Tribune on the economy.

He said, “There are a lot of pressures in the economy that have to be addressed, but are being ignored. I will leave it like that. This economy is clearly in a bubble and the bubble will burst.”

The former AMCON MD said that to address the economic challenges, addressing the exchange rate has to be a priority.

He however clarified that addressing the foreign exchange is just one of the ways to solve the myriads of economic challenges facing the country.

His words, They are part of it but you have to start somewhere. If you have things ailing you, you have to address all of them at the same time. So yes, foreign exchange is not the only thing, you have to deal with.

Mr Chike continued, “That is why you need a holistic plan. Yes if you allow foreign exchange to float tomorrow it won’t solve all the problems.

“It will solve some, but if you do it in conjunction with reducing expenditure, you do it in conjunction with a better budgeting plan; you do it in conjunction with infrastructural plan, encouraging investment and ease of doing business, you will have better result.”

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