The Rivers Entrepreneurs and Investors Forum says the sharp fall in crude oil sales worldwide could spell doom for countries like Nigeria whose all its activities have always been centered around oil. For the fact that we have been very adamant, strong head to advise that we have been proffering to federal government to diversify.
President of Rivers Investment Forum Ibifuro Bob Manual our correspondent that today crude oil falls is one dollar per barrel, it simply means that things are going to be very stiff for the country before it gets better because it will get better.
He said the right thing for Government to do right now, at least for starters is to deregulate and to follow through that process with proper legislation, legislation means that they will give further degree of comfort to the investors to actually begin to invest in that space especially the oil downstream. It has to go through the chains, it has to go through the agricultural sector, it has to go through the electricity space. Honestly we must have to deregulate the electricity space because it doesn’t make sense where government at one hand has investment in the electricity space and on the other hand they give the private sector to invest in some parts, they need to completely deregulate.
He said to deregulate means they should remove their hands from anything that has to do with price manipulation or activities around that space, so that the private sector can invest as much as it could and generate what it should generate and federal government in their own bid could see how they modulate the excess that could come from the private investors.they should remove their hands from anything that has to do with the price manipulation and price fixing for power.
He said except federal government allows deregulation in some key sectors things might become really hard. ‘’today you find out that federal government wants to build all the roads all the facilities, all the structures, he said gone are the days we can afford to do those things because we don’t have the luxury, or the funding to do all of that. So the places we expect the FG to leverage on is on the private sectors and their inputs’’
The president of Rivers Investment Forum Ibifuro Bob Manual also said for us as investors this whole opportunity of the down turn of our economy, it creates an opportunity for us to become wise in the way we invest our funds, because lots of opportunities, lots of new business would be built within the short while because of the change in demand of humans
He said investors and small businesses should diversify from oil and invest in roads, power, Telecom and ICT Technology to remain relevant and stay in business especially in the season that we are in.