By Francis Akinnodi

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An economic expert has emphasised that Nigeria cannot solve unemployment without aggressive industrialisation.

Elder Fessy Olabode made this known while speaking with The Hope in Akure yesterday.

He noted that for Nigeria to move forward economically, the federal government should encourage state and local governments as well as private sector to embark on  industrialisation.

The economist explained that each local government in Nigeria should identify its area of comparative advantage with full federal government commitment and produce bountifully for the nation.

“In Ondo State for instance, if a community in Ondo,  is known for producing cocoa, let government support them to produce in large quantity so that if each of the local governments is using enough of what it specialises on, we would have surplus to package for exportation and thereby creating employment opportunities.

“Each state government should ensure that each local government owns one industry that can employ a minimum of 500 people based on their area of comparison.”

Speaking on the effects of government borrowings, he urged government to manage the funds borrowed by expending it on specific projects that would pay for itself.

“If government borrows and use it for functional project like railway, it would reduce the cost of transportation and enhance quicker return. In general, the public would benefit, but government must be watchful not to increase the borrowing capacity in order not to create more problems in the future.

“Nigeria have a fair foreign reserve which is to serve as a ‘shock and absorber’ to the economic activities. So, to those giving out loans, they know we are capable of paying, especially when our foreign reserve is moving up gradually.