Concerned about the possible impact the financial crisis in parts of Europe could have on the economy, the emir of Dutse, Alhaji Nuhu Muhammadu, has warned Nigeria’s political class against the misapplication of the country’s resources.
Handing down the warning yesterday in his palace in Dutse while receiving a delegation of the Nigeria Deposit Insurance Corporation (NDIC), the emir said Nigeria was not immune to the global economic crisis. He urged journalists to prepare the minds of Nigerians on the effect and scale of the global meltdown, which he maintained would have impact on Nigeria’s economy.
“Our economy is tied to those economies that are in crisis. We can do a lot to salvage the situation and politicians must learn to be honest and prudent with our resources. The hard times will come. The media must prepare us for the hard days,” the royal father stated.
Concerns have been raised about the effect of the Eurozone crisis on Nigeria’s economy especially as the zone accounts for about 23 per cent of the country’s crude oil exports. A likely drop in crude oil demand from European countries could have adverse effect on the country’s earnings. The country currently has a daily output of about 2.6 million barrels per day. The zone also accounts for a significant percentage of foreign investment in the country.
Speaking on the sidelines, Prince Eheneden Erediauwa, the NDIC executive director of operations said aggrieved shareholders of the nationalised banks were right to go to court if they felt their rights have been trampled upon. According to him, the corporation was not set up to liquidate any bank but to protect the interest of depositors, adding that the action taken so far was done in the best interest of the depositors.
“If the shareholders feel aggrieved, the best option is for them to go to court. Now that they have done that, then the court has to make a pronouncement on that.”
He said the corporation would not lose focus of its core mandate of ensuring stability in the financial system.