‘Inadequate Domestic Production Responsible For Nigeria’s Woes

The Group Managing Director, Swift Oil Limited, Stillian Mitakev, has said that the main problem with Nigeria is the inability of the citizens to produce goods and services for domestic consumption and even for exports.

He said that the nation was importdependent, adding that such put pres – sure on its currency and increases inflation, unemployment and poverty. He, therefore, advised Nigerians to start producing for local needs and even for exports.

He also opined that it was important for the government to initiate and execute policies that would attract investments into the country.

Speaking in an interview with New Telegraph over the weekend, he also advised wealthy Nigerians to invest in the country and reduce foreign investments.

He expressed confidence in local content, adding that many Nigerians were educated and have capacity to produce goods and services. Mitakev said:“Nigeria should start producing. The main problem in Nigeria is that the country is not producing goods for its own consumption.

It is importing. That puts pressure on the naira and that is why inflation is so much, unemployment is high and poverty is widespread. My advise also is that there is the need to put in place policies that would try to attract investments.

“Then also, there are other Nigerians who have money, acquired one way or the other, but they are not investing them in Nigeria. They are keeping them outside, helping other economies. So it is not healthy for Nigeria.

They should bring their money, invest in the country and develop it. There should be a policy to attract them to do that if their wealth is made legally. Yes, policy can help. But if the money is obtained illegally, I do not think any policy can help.

“I have confidence in the ability of Nigerians to produce. Why would I not have confidence in local content and ability of Nigerians to produce? What is wrong with Nigerians not to produce?

There is nothing and most of them are educated. They can produce, they can work. If they work and produce, they will meet local consumption and export eventually when they meet local demands, then Nigeria will prosper.