A former deputy governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, has blamed both the federal and state governments for always running after foreign investments, despite having enormous investment potential within the country.
Moghalu, who spoke at the Nnewi Investment Summit held in Nnewi, Anambra State, as the keynote speaker said that the technological initiative of the town wields the capacity to turn the economy of the country around above oil.
He described the commercial city as a huge manufacturing hub that was started from the scratch by indigenes of the town, saying that it is the only industrial town in the world that has continued to grow without government support.
Moghalu said: “It will not be out of place to say that the federal government has neglected Nnewi. Do you know what people in Nnewi will do if what government did elsewhere is done here?
“Let me tell you, the manufacturing sector is the easiest way to grow the economy of a country; it doesn’t matter the number of mineral resources you have. How many mineral resources does China have?
“A nation can survive without minerals by manufacturing and exporting her products, and that is what made China tick.
“That is why I always say that the chase for foreign Investment is a wild goose chase. If you create the right environment, investments will come. Money knows where to go and multiply, you do not need to go asking it to come.
“Instead of pumping in Naira to rival the dollar, why not create a manufacturing hub and once products are exported and foreign exchange is earned, you will see the economy grow on its own.”
Moghalu, who was the presidential candidate of Young Peoples Party (YPP) in the 2019 general elections, asked the Federal Government to show enough commitment in the emerging technology in the city.
He noted that Nnewi has been adjudged the highest cluster of manufacturing industries around, with an indigenous vehicle manufacturing plant.