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The lawmaker representing Abia North Senatorial District, Orji Uzor Kalu, has identified the high cost of fuel and the naira exchange rate as the two major factors crippling Nigeria’s economy.

Kalu made the statement on Monday during an interview on News Central Television.

The former Abia State governor said Nigeria could not build a sustainable economy by depending heavily on crude oil while importing basic goods and necessities.

He called for increased domestic production across all sectors, saying this was necessary to achieve long-term economic stability and growth.

“There are two things crippling this economy…the price of fuel and the price of the dollar,” Kalu said.

According to him, Nigeria’s economy has remained largely unproductive since independence because the country has failed to produce enough of what it consumes.

Kalu said oil revenue alone could not solve Nigeria’s economic challenges, stressing that the proceeds from crude oil should be invested in productive activities, particularly food production.

“This economy has been unproductive since 1960. What I do is production, and I continue to say that the economy must be productive. We must produce,” he said.

He also acknowledged the frustration among young Nigerians over the current economic situation, saying their concerns about when the hardship would end were understandable.

Kalu urged government officials and other stakeholders to make necessary sacrifices and support policies that would make the economy more productive.

“If we don’t produce, no matter the amount of oil you get out of the Niger Delta or elsewhere, it’s not going to be our solution,” he said.

He added that Nigeria should use its oil earnings to strengthen local production and reduce dependence on imports, particularly for food and other essential commodities.

Fuel Price, Dollar Rate Crippling Nigeria’s Economy – Orji Kalu

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