By Chimezie Godfrey
The Former Vice President of Nigeria, Atiku Abubakar has urged the government to focus on the expansion of the economy and job creation rather than introduce policies that will restrict the inflow of capital into the country.
Atiku made the assertion in a statement on Saturday stressed that this is necessary because a major challenge facing Nigerian youths is unemployment.
He said,”The number one challenge facing Nigeria is youth unemployment. In fact, it is not a challenge, it is an emergency. It affects our economy and is exacerbating insecurity in the nation.
“What Nigeria needs now, perhaps more than ever, are jobs and an opening up of our economy, especially after today’s report by the National Bureau of Statistics indicated that foreign capital inflow into Nigeria is at a four year low, having plummeted from $23.9 billion in 2019, to just $9.68 billion in 2020.
“Already, the nation suffered severe economic losses from the border closure, and the effects of the #COVID19 pandemic.
“This is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, and I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited.”
The Former VP noted that it is possible to regulate the sub-sector and prevent any abuse that may be inimical to national security, adding that that may be a better option, than an outright shutdown.
He stressed that there is already immense economic pressure on the youths.
“It must be the job of the government, therefore, to reduce that pressure, rather than adding to it.
“We must create jobs in Nigeria. We must expand the economy.
“We must remove every impediment towards investments. We owe the Nigerian people that much,” Atiku stated.