Former Chairman House Committee on Economic Recession, Hon. Olabode Ayorinde has lamented that Nigeria’s economy is dependent only on crude oil.
In a chat with Channels TV’s Sunrise Daily, Ayorinde advised that due to Nigeria’s large population, it should rather have an industrialised economy should the crude oil dries off.
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The former chairman believed that Nigeria could begin production of tyres if it cannot manufacture vehicles.
He said;
“If you have a country of our population with over 200 millions people and there is no policy of industrialization, that means you have big problem.
“I used to give example that if we cannot manufacture vehicles in this country don’t we have economic advantage of manufacturing tyres?
“All these challenges, we are talking about crude oil, if I were God, though no body can be God, let the crude oil dry off, we should be wise.
“Singapore has no drop of crude oil and it has large refineries, so how do we explain that? A country that doesn’t have oil put in place refineries and our crude oil find the way to be refined and we import it back.”
