Director General of Anthill Concepts limited, Chief Emeka Okengwu, has said that recent reports reveal that Nigerian economy is at the risk of system collapse if the international oil price falls below 30 dollars per barrel.
The DG said this when he visited the Minister of Mines and Steel Development, Architect Mohammed Sani Sada in his office in Abuja yesterday.
Okengwu is managing a Central Bank of Nigeria programme: National Sub structure private sector integrated support framework (PSISF) development model for real sector development in Nigeria. According to him, the purpose of the forum was to help reposition Nigeria as a production based economy and the creation of new economic centres in collaboration with local and international financial development agencies.
The programme includes the eradication of poverty and pursuit of mass employment programmes through mineral exploration and exploitation as well as the diversification of economy from oil to non oil products even in oil producing areas.
He noted that the absence of definitive private sector driven business projects tie down the development of the mineral and natural resources.
Therefore, the DG said a development support infrastructure including power, railroads through clearly defined values were needed in the sector
Emeka also recommended debts, equity, majors, juniors, capital markets, multilateral and donor agencies and mineral development funds as sources of mineral development funds
The DG further called on the minister to approve access for the utilisation of existing data in the ministry and its departments for the CBN supported sub structure and called for the development of an integrated business model that would be used in developing the mineral sector.
The minister in his response called on the company to clearly define what they were seeking funding for and enjoined him to help the ministry navigate the terrain of financial lack as the sector abounded with enormous economic opportunities.
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