A former Director, Budgetary Department, Central Bank of Nigeria (CBN), Dr Titus Okunronmu, has urged the Federal Government to invest more in the oil and gas sector to boost the economy.
Okunronmu told the News Agency of Nigeria (NAN) on Friday in Ota, Ogun state, that spending more money on the sector would reduce pressure on the economy.
According to him, Nigerians will continue to purchase cars as well as use fuel for various purposes that will trigger the demand for petroleum products.
He said that the Federal Government needed to resuscitate all the nation’s refineries, so as to start exporting petroleum products to other countries and earn foreign exchange.
‘‘Developing our refineries will make Nigeria to be independent as well as having enough funds for the diversification of the nation’s economy.
”Employment opportunities for youths would be created as most factories in the country would start working at optimal capacity,” the ex-CBN official said.
Okunronmu, however, said that exporting the nation’s crude oil and importing the same product into the country had been the major factor exerting pressure on the naira.
NAN
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