An Economist, Mr Titus Okuroumu, has appealed to the Federal Government to urgently fix the challenges in the oil and gas sector to curtail high demand for Foreign Exchange (FOREX).
Okuroumu, former Director in the Central Bank of Nigeria (CBN) made the suggestion while speaking with the News Agency of Nigeria (NAN) on Tuesday in Lagos.
He said that the quick disbursement of the capital vote for the resuscitation of the oil and gas sector and it value chain would reduce the economic hardship in the country.
According to him, addressing the oil and gas sector is necessary to solve most of the economic difficulties, especially the demand for foreign exchange.
“We are all aware that the demand for foreign exchange in the oil and gas sector is huge and if government can reduce it drastically, our domestic currency will be of immense value.
“Revamping the oil sector is inevitable in the progress of the nation’s economy considering the size and the role it plays in the economy,” he said.
He also urged the government to invest in the renewable energy to boost the industrial sector of the economy.
He said that an improved productive output would raise the country’s gross domestic product and create wealth.
“A surge in the productive output of the country will automatically create opportunities for employment and technological advancement,” he said.
He said that the government should intensify its partnership with the private sector to provide critical infrastructure that would accelerate growth in the economy.