The Federal Government has been advised to look inward towards revamping the economy and tackling unemployment by encouraging the consumption of locally made products and empowering local entrepreneurs.
Clinton Odiagbe, chief executive officer of Nature Renaissance International, stated this at the company’s mega submit and car presentation in Lagos to loyal customers.
Odiagbe noted that despite the abundance of natural produce in Africa which can be utilised for several purposes for the benefit of Africans, the continent had consistently focused on artificial produces, thereby neglecting its economy.
According to him, “The reason why there is inflation is because our currency has lost strength completely. The western world has told us to our face that our gross domestic product is low.
“This means we are unproductive, therefore, we cannot control the foreign exchange, that is the reason why there is inflation and that is why the cost of commodities are on the rise.”
The CEO added that there was an urgent need for the government to support industries and entrepreneurs utilising local raw materials, resources in a bid to check rising unemployment, poverty and capital flight.
“The biggest challenge today in Africa is hunger and poverty. Even poor health is becoming alarming; most of the prevailing ailments are a complication from poverty and all the rest,” Odiagbe added.
Also speaking at the event, Dennis Ogbonaya Nwankwo, chairman board of NRI, said there was a need for Africans to embrace medicines produced with African herbs, to treat health ailments, rather than artificial ones which had failed Africans.
“We use what we have to take care of ourselves. We eat our yam, cassava, garri, but when it comes to medicinal application, we run to the foreign company”, Nwankwo said, adding that this should change.