By Adaobi Rhema Oguejiofor
A Development Economist, Professor Ken Ife, has said that the federal government must invest in modular refineries in order to bring stabilization to Nigeria’s economy.
Ife said this while reacting to the country’s current rising inflation in an interview on Monday.
This came as the National Bureau of Statistics’ (NBS) latest report stated that Nigeria’s inflation hit 22.04 percent in the month of March.
Ife, while proffering solutions to the country’s diminishing economy, said that both the government and the private sectors should work together in order to bring an end to the country’s dependence on fuel importation.
He added that the resources spent on fuel subsidy also contributed to the rising inflation in Nigeria.
In his own words, “the major oil marketers pushing all our crude out can set up one modular refinery within three to six months and this would stabilize Nigeria’s economy.”