Economist Tasks Buhari On New Economic Models | Independent Newspapers Limited
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Economist Tasks Buhari On New Economic Models

Posted: Jun 24, 2015 at 6:45 am   /   by   /   comments (0)

An economist, Friday Udoh, has admonished President Muhammadu Buhari to evolve a new economic models to revamp Nigeria’s ailing economy.

Udoh, who is the South-South zonal co-ordinator of the Institute of Chartered Economists of Nigeria (ICEN), gave the admonition on Tuesday in an interview in Yenagoa.

He stressed the need for Buhari not to adopt what he termed the unfavourable economic policies which previous administrations operated as they could not stimulate the growth of the economy in real terms.

Udoh recommended the Regulated Asset Based (RAB) financial model which, he said, is effective in the management of economic dysfunctions.

The ICEN co-ordinator described the RAB model as a multidimensional economic, social and innovative tool in the management of economic downturn and insurgency facing a country.

Udoh cautioned Buhari not to rely only on military might to tackle insurgency because it could aggravate terrorist acts in the country.

He said the problems occasioned by insurgency required a multi-sectoral approach to achieving desired results.

“It is necessary at this point in time to adopting RAB as a trade model to grow our domestic economy. In past administrations, RAB was left out in the award of large scale contracts to foreign companies and some Nigerian registered companies without recourse to this internationally and widely acceptable and legally available trade instrument,” Udoh said.