Exclusive: Ifeanyi Ubah gives details on how he will resuscitate Nigeria’s economy

– Ifeanyi Ubah says he has the magic wand to crash the Dollar

– The oil magnate says his oil assets are equal to at least 35% of the daily oil consumption of Nigerians

– The former Anambra state governorship candidate believes the lack of financial stability is the reason the Naira fell against the Dollar

On Wednesday, February 24, Naij.com monitored an exclusive interview granted by Dr Ifeanyi Ubah, the managing director of Capital Oil regarding the current exchange rate between the Naira and the Dollar and the current state of the economy.

The Anambra state born business mogul spoke glowingly about how he can turn the tide of things for the good of Nigeria’s economy and the masses.

When he was asked about the reasons why the Naira is not strong compared to the US Dollar currently, he said:

“What is lacking in the management of Nigeria’s economy is proper financial management. It’s about knowing what Nigerians need. This is why the Naira is weak.

“One major challenge I am facing is that some of my colleagues do not appreciate me. I have fixed the economy in the past. I am a critical thinker. I am a product of conflict resolution in all areas of government. Be it Agriculture, Economy, Aviation and the rest.”

READ ALSO: Good news: Naira strengthens against US Dollar

He also gave insight regarding the cardinal points required to make the Naira to appreciate against the Dollar and said he is worried by the continuous fall of Naira and promised to stabilise it within a month.

“These cardinal points are four. They are the Policy Structure, Information Management, Real Process and Results. These are what we need to grow the economy. My assets are worth N500billion. I am ready to stake out this amount of money into the nation’s economy in order to salvage the country.

One thing you should know is that my business is not Dollar-driven. I want to assist the President (Muhammadu Buhari) regarding making the Naira gain strength against the Dollar. I am ready to offer consultancy services to the federal government in order to grow the economy.

“I don’t support importation of goods. The change mantra of President Buhari should not be only at the federal government level. All the states governors should also embrace this change. The governors are not competitive enough. They should not just rely on the federal government all the time for allocations.”

The widely travelled businessman who also owns a local football club in Nigeria stated his views about the petroleum sector. He praised the Minister of Petroleum resources, Ibe Kachikwu for the innovations he has brought since his appointment. He added his views on all other sundry oil issues likewise.

“I like what the Minister of Petroleum resources is doing presently. He has brought in new ideas to grow that sector of the economy. But all the major oil companies are just draining the Nigerian National Petroleum Corporation (NNPC) without any tangible infrastructure on ground for over 30 years in Nigeria.

“Who are the those managing the economy? What’s the composition of the economic management team? All that we have is a problem of monopoly in each of the sector of the economy. The traders are the most important to grow the economy in which the government should assist.”

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