The Niger Delta region will continue to play a major role in the economic growth of the country as long as oil remains the major foreign exchange earner.
This assertion was made by an investment banker, Mr. Tunde Bamidele, in an exclusive interview with the Next Edition.
“Whether we like it or not, as long as we still rely on oil production and we don’t have any alternative from other parts of the country, they will still continue to play a major role and they will still continue to be very important to the survival of the country.
“If you look at the 2018 budget, there are two allocations for the region. That tells you the importance, which the government attaches to the region,” he said.
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According to Mr. Bamidele, who works with Cordros Asset Management Ltd, a subsidiary of Cordros Capital Ltd, government cannot afford to jeopardize the relative peace in the region.
Reacting to government’s claim that the country was out of recession, he said, ” well technically we are out of recession but realistically, prices are still very high and inflation is also on the high side.”
He, however, said it was a matter of time before the indices of inflation and prices would begin to reflect the GDP growth we have witnessed in recent times, noting that the GDP was a reflection of market prices.
Mr. Bamidele expressed the view that some of the factors that would sustain the GDP growth and keep the country out of recession would include consistency in policy, political stability especially in the Niger Delta region, and diversification of the economy.
He identified Agricultural sector as one sector that will likely attract a lot of investments, foreign and local to help move the economy forward.
