Economist Proffers Panacea to Nigeria’s Escalating Economic Crisis

A finance and investment expert, Chamberlain Peterside, PhD has proffered solutions to the deepening economic crisis facing the country, urging the Nigerian government to demonstrate the political will implement solutions.

Dr Peterside, who came up with these proposed panaceas in a recent online interview with Kristina Reports, stated that the escalating prices of goods will be checkmated if the government prioritizes tackling insecurity.

He asserted that tackling insecurity will ensure that farmers return to their farms and also enhance the free flow of goods thus reducing dependence on imported goods.

He further outlined practical steps the government can take such as improving agricultural productivity, stabilizing the exchange rate, and reducing dependence on imported goods, in order to alleviate the soaring cost of living.

“The government should first tackle insecurity to enable farmers return to the farms and cultivate crops. Secondly tackling insecurity will help free flow of goods and prices will fall and stabilize.

“The exchange rate of Naira should be stabilized also to enable prices find an equilibrium, then inflation will begin to decline.”

“The exchange can be stabilized by growing the flow of foreign currency into the market, through higher and improved management of oil revenue, and higher inflow of foreign direct and portfolio investments.”

“On the demand side, if importation of refined products and other products can be reduced or eliminated through local production, the pressure on the naira will definitely reduce, and the exchange rate will improve.”

Dr. Peterside, an alumnus of the Friendship University, Moscow, where he obtained his Master of Science and Doctor of Philosophy degrees in Finance, has over 25 years of diverse experience and proven track record of service in Public Finance Management, Investment Banking and Infrastructure Policy Development.

He has held senior level and leadership positions in the public and private sectors both in Nigeria and the United States.

The finance expert, who served as a member of the Rivers State Economic Advisory Council (RSEAC) and later, Commissioner for Finance in Rivers State, is the founder and currently, Executive Chairman and Chief Executive Officer of Wi-Pay Technologies Ltd and Xcellon Capital Advisors.