The Director General of the Debt Management Office ,DMO, Mr. Abraham Nwankwo, has advocated a positive attitude that is channeled towards revamping the Nigerian economy and making it one of the top economies in the world in the next 10 years.
Speaking at a breakfast meeting with finance journalists in Lagos on Friday, he said that despite the downfall of oil in the global market, Nigeria’s potentials to become a great economy is still very present.
According to him, Nigeria is yet to explore 25 per cent of its potentials in agriculture as well as other sectors such as information communication technology, entertainment, mineral and human resources amongst others.
He noted specifically the need to appreciate that some of the challenges faced are opportunities to revamp the economy saying “what will make difference is the way we respond. It is the critical factor that determines what happens next. We can either respond positively or negatively.
“Individually and collectively we need to respond positively and use it as opportunity to give the economy the needed stimulus to achieve a high level equilibrium.
“The fact that oil is depressed does not mean that we should all be depressed but it stir us to help the country achieve what it can. The challenges should be taken as another aspect of what is being expressed on the journey to have an economy that is among top in 2020.”
On the budget deficit, the debt office boss noted that the country has the capacity to pay its obligations in the next five to seven years saying “we don’t see the economy and the naira where it is today in the next five to seven years cause with the measure put in place we expect that the economy would have improved and the naira stronger.”
He stated that the government had decided to reduce domestic borrowing so as not to crowd out the private sector and allow them local access to funds that would drive growth in the sector.