Why Nigeria should not sell asset — Ex-CBN Official


Titus Okunronmu, a former Director in the Budgetary Department, Central Bank of Nigeria (CBN), has said sale of the country’s asset to boost the economy will further restrict income.

Mr. Okunronmu told the News Agency of Nigeria (NAN) in Ota, Ogun, that rather than restrict income, the government should redistribute income through untapped resources.

According to him, selling the asset to those in government means that income has further been restricted instead of redistributing income.

He said to sell the nation’s asset was not a problem but who would be the buyers and who would manage the proceeds from it?

Mr. Okunronmu said the sales would yield little because the asset would be poorly priced since the country was badly in need of forex.

“What should be done, in my own opinion, is that the Federal Government should utilise untapped resources to boost the economy.

“There should be the immediate fixing of the four refineries at optimal capacity to check the use of scare forex on importation of petroleum products.

“This and other untapped resources will create the platform for our products to be sold to other West African countries as well as generate various employment opportunities,” he said.

He said the country was endowed with many untapped resources, which urgently needed to be used to return it to path of growth.

He said Nigeria had all it needed to become one of the top 10 economies in the world, if adequate political will was applied.

According to him, this is the right time for the government to look inward in solving the economic challenges of the country.

The former CBN director added that fixing foreign exchange issues was not a problem, but depending less on imported goods was the issue.

”We need to be less import-orientated country and nationally our love for imported goods must change because the demand for dollars for such goods was exerting heavy pressure on the nation’s currency,” he said. (NAN)


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  • Cincinnatus

    Selling is not even an option. I’d rather we go after the so called private oil blocks, especially those gotten via corrupt leadership.

  • Okokondem

    “There should be the immediate fixing of the four refineries at optimal capacity to check the use of scare forex on importation of petroleum products.”

    Ain’t that the truth. That we can’t seem to build and maintain a functional refinery in the 21st century, when others are making plans to go to Mars tells you all you need to know about our country and those we call our leaders.

    The people advocating for the sale of assets, have they considered what might happen if the country finds itself in a similar economic situation in the future when there would be no more assets to sell?

    • sylvok

      they all criminals. dangote is masterminding it. he believe his brother will help me to buy Nigeria. thiefs. we will probe everything after your tenure clueless Buhari

  • bala

    There is no doubt this Okunrounmu deserves an isolated intensive care unit at Aro psychaitric hospital. Where does he think the forex is available to complete an overall reactivation of the four refineries to achieve optimal level he is thinking about? its not just talking alone but applying commonsense is the actual issue.

    • AmenWolf

      From the same source you have been paying criminals like dangote and fuel importers. I m sure by now you know who deserves a bed at yaba left!

    • sylvok

      from the same source you were subsidizing pilgrimage to Mecca