Don Wants FG To Upgrade Indigenous Firms To Multinationals

A Professor of
Management Sciences, Chima Onuoha, has urged the Federal Government to come up with policies that would translate Nigerian indigenous firms into multinationals to check the current recession.
Onuoha gave this advice in Owerri at a forum organised by the Abia State University Alumni Association (ABSUAA), Port Harcourt chapter, to mark the end of its 2016 Summit.
The summit was entitled, “Sustainable Economic Development, the Role of Critical Players.”
The don said the policies were imperative to bring the country out of its current economic recession, adding that Nigeria needed to become active in international business.
“The economic downturn, which Nigeria is currently facing, is surmountable if the Federal Government does not misplace possible priorities.
“For Nigeria to become a major player in international business, more than 30 indigenous firms must be encouraged to become multinational firms.
“This step will go a long way in guaranteeing a sustainable economy,’’ he said.
Onuoha, who said Nigeria contributed less than one per cent to the world economy, described it as a major setback to achieve a sustainable economic growth.
He said the country lacked policies that could encourage indigenous firms, adding that firms could only survive through enabling policies.
“There must be good policies to encourage indigenous companies; the problem of poor power supply must also be immediately addressed.
“Nigeria should be self-reliant in food production, as it spends four billion naira annually on rice importation and N30 billion on importation of other food items.’’
He attributed the economic recession to over-reliance on food importation.
The don urged the Federal Government to key into the Mike Okigbo’s 1965 report and the former President Olusegun Obasanjo’s “Operation Feed the Nation”.
He advised government at all levels to fund development agencies and empower universities to champion ecological values.
Speaking, the Vice Chancellor of the university, represented by Prof. Onyemaechi Ogbulu, a professor of Finance, said the nation had all the needed natural endowments to recover from this recession.
The Regional Manager of First Bank Plc., Mr. Charles Osondu, said commercial banks were contributing their quota to liberate the country from the current recession.
Osondu advised entrepreneurs to avoid such businesses associated with high level risks, urging government to address the issue of power supply.
Earlier, President, Port Harcourt chapter of ABSUAA alumni, Mr Stanley Nwangborogwu, said the summit became imperative due to the current downturn in the economy.
“We must continue to identify with any current national issue and contribute our quota to address any national emergency.
“Economic recession is a critical issue in our country today and the branch has many professionals as its members to proffer solutions to the problem,” he said.