Nigeria may become another Venezuela if inflation is not controlled – Ekpo

The only way now is to move fast to diversify the economy and become a creative economy. If the government should borrow to finance infrastructure, it must carry out a study to ensure that the projects will pay their way in the end. The government has to put in place policies that will support the productive sector of the economy, policies that will generate jobs, and if people are employed, they will pay taxes to the government. We need more modular refineries and if people do not have enough money to go into it, the government can support them through loans. The House of Parliament can call the CBN, and they go into a closed-door meeting and discuss, but when the government wants to control the CBN, there is a problem because the independence will now be eroded and if the CBN does not exert independence and bring policies that will favour the country, what you will see is a situation that is called state capture. You should give them about one year so that they can cope with inflation and then they can solve insecurity, and the power problem, and going forward, inflation will come down, otherwise we will end up in what economists call runaway inflation where we have no control anymore. Why does the Nigerian government always tilt towards countries like China and the USA for loans when other notable countries are ready to do so?