Nigeria Is Facing Economic Stagnation – Prof Onachukwu

The Chairman, Board of Di
rectors of Rivers State Bureau On Public Procurement, Prof Okechukwu Onachukwu  has said  that the Nigerian State is facing unprecedented economic stagnation.
Prof Onachukwu, who stated this at the 134th inaugural lecture of the University of Port Harcourt in Choba recently explained that the high level of unemployment and spiralling inflation were indices of economic stagnation.
He said Nigeria had become so impoverished that some families could not afford N180 (One hundred and eighty naira) per day.
Prof Onachukwu said, recession and inflation were the worst forms of stagnation.
The Professor of Economics traced the dwindling fortunes of the country to mono-cultural economy.
According to him, “Nigeria is facing unfavourable balance of payment resulting from lack of exports.”
He stated that the indices of economic collapse were latent in the preceding years, adding that the fortunes of the country would be turned around if there was investment in the productive sector.
Speaking earlier, the Vice Chancellor of the University of Port Harcourt, Prof Lale Ndowa described the 134th inaugural lecturer as an erudite scholar.
He said because of Prof Onachukwu’s diligence, he had risen to his present status and praised him for his scholarly works.

Chidi Enyie